A government lawyer says prominent Wall Street executive Lynn Tilton cheated investors in failing companies of more than $200 million and should be banned from the industry.

But her lawyer says the Securities and Exchange Commission has created a laughable fraud case built on revisionist history. The dispute is being aired before an administrative law judge in New York federal court.

SEC senior trial counsel Dugan Bliss says the SEC wants Tilton banned from the securities industry and forced to give up $200 million.

Her lawyer, Randy Mastro, said in opening statements Monday she was already worth almost $1 billion when the SEC claims she tried to cheat investors. He says she followed rules and even put $440 million of her own money into companies and investment funds.