In November, Ceresney called the SEC's use of administrative proceedings "eminently proper, appropriate, and fair" to defendants, and that the judges "call it like they see it."

David Zornow, a lawyer for Tilton and Patriarch, was not immediately available for comment.

A self-described "turnaround queen," Tilton tries to revive troubled companies in which she invests at low prices.

She created Patriarch in 2000. The firm has helped turn around companies such as auto parts supplier Dura Automotive Systems and map publisher Rand McNally.

In 2011, Tilton worked on a pilot for a reality TV show, "The Diva of Distressed," that was ultimately not picked up.

The case is Tilton et al v. SEC, U.S. District Court, Southern District of New York. (Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama; and Peter Galloway)

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