Defendant Name:
Paramount Group Real Estate Advisor LLC
Defendant Type:
Subsidiary of Public Company
Document Reference:
IA-4726-s
Document Details
Legal Case Name
In the Matter of Paramount Group Real Estate Advisor LLC
Document Name
Private Equity Real Estate Fund Adviser Settles with SEC for Acting Contrary to Client's Consent in Conflicted Transaction
Document Date
06-Jul-2017
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
The Commission stated: "Paramount Group Real Estate Advisor LLC (Paramount), a New York-based private equity fund adviser registered with the Commission, has settled negligence-based fraud charges stemming from a transaction in which it owed a fiduciary duty to both sides and breached that duty to one side. Specifically, in the transaction, Paramount failed to cause one fund to reimburse the other fund for certain previously incurred expenses totaling $4.5 million despite Paramount's commitment that a reimbursement would take place."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Civil Penalty
Individual:
$250,000.00
Shared: