The Securities and Exchange Commission’s fraud case against investor Lynn Tilton was dismissed, CNBC has confirmed.

Tilton has been fighting a two-year-old SEC administrative case that accused her of misleading investors about the value of loan pools, and collecting $200 million in extra management fees. Tilton’s firm, Patriarch Partners, invested in distressed private equity assets, including loans. The case concerned $2.5 billion of loan pools.

The SEC’s enforcement division had no comment for CNBC on Wednesday, after the decision by an administrative law judge to dismiss the case. In the decision, the judge said the violations the SEC alleged were “unproven.”

“She’s been totally vindicated,” said Tilton’s lawyer, Randy Mastro of Gibson Dunn & Crutcher. “Her reputation has been restored and justice has been done.”

There was a hearing last November in the proceeding, but Tilton has been fighting the SEC’s internal process as unfair to defendants. She took her arguments to the U.S. Supreme Court, trying to get her case moved to federal court, but the high court denied her petition in May.

A spokesman for Tilton didn’t have an immediate comment.

Robert Frank contributed to this report

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