Victories against the SEC in proceedings before SEC administrative law judges (ALJs) are rare. At a recent Alternative Asset Management General Counsel Luncheon hosted by Brian T. Davis and Dimitri G. Mastrocola, partners at international recruiting firm Major, Lindsey & Africa (MLA), Gibson Dunn attorneys explained how they prevailed at the trial of Patriarch Partners and Lynn Tilton, the so-called “diva of distressed,” who had been charged with investment adviser fraud in connection with the management of certain collateralized loan obligations. The program featured Reed Brodsky and Mary Beth Maloney, partner and of counsel, respectively, at Gibson Dunn. This article, the first in a two-part series, explores Brodsky’s and Maloney’s views on the fairness of SEC administrative proceedings, the key takeaways from the trial and the primary defense themes, including due process and equal protection claims about ALJ proceedings generally. The second article will evaluate the SEC’s three principal charges against Tilton. For additional commentary from Brodsky, see “Former Rajaratnam Prosecutor Reed Brodsky Discusses the Application of Insider Trading Doctrine to Hedge Fund Research and Trading Practices” (Mar. 28, 2013). For discussion of another Gibson Dunn trial, see “Attorneys Discuss the Trial Victory of Hedge Fund Manager Nelson Obus, the ‘Lamest Insider Trader in History’” (Aug. 1, 2014). For coverage of a prior program hosted by MLA, see our two-part series offering perspectives on internal compensation arrangements for investment professionals: “Carried Interest and Deferred Compensation” (Mar. 15, 2018); and “Hedge Fund Compensation and Non-Competes” (Mar. 22, 2018).