Defendant Name:
Paramount Group Real Estate Advisor LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Paramount Group, Inc.
SIC Code:
6798
CUSIP:
69924R10
Document Reference:
IA-4726
Document Details
Legal Case Name
In the Matter of Paramount Group Real Estate Advisor LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
06-Jul-2017
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On July 6, 2017, the SEC issued an order, stating: "This matter concerns Paramount Group Real Estate Advisors LLC's conduct with respect to a transaction between two private funds it advised. In March 2014, Respondent, a registered investment adviser, caused Paramount Group Real Estate Fund III, L.P. ("Fund III") to sell one of its investments in real property, a parking garage, to Paramount Group Residential Development Fund, L.P. ("RDF"). In connection with the transaction, Respondent failed to cause RDF to reimburse Fund III for certain development expenses Fund III had incurred before the sale, despite Respondent's commitment to Fund III's investor advisory committee ("Fund III IAC") at the time the Fund III IAC approved the sale that the reimbursement would be made."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$250,000.00
Shared: