How the pursuit of the next Bernie Madoff led to an embarrassing SEC loss in court.

The Yorkville Advisors defendants adamantly refuted the SEC’s allegations. Their defense was bolstered, they believed, because at all times the valuation committee had an ex-SEC professional as one of the three members. There were no investor lawsuits and no charges were filed against any of the Yorkville Advisors’ valuation committee members who used to work at the SEC.