Paramount executives misled investors on use of funds, OSC lawyer argues at hearing [Toronto Globe and Mail (Ontario, Canada)]
Paramount Group, Inc. (PGRE)
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Source: Toronto Globe and Mail
Paramount executives misled investors on use of funds, OSC lawyer argues at hearing Investors in the Paramount Group, which sold pooled mortgage products until it was shut down in 2017, were provided with “stark” and “persuasive” misrepresentations about how their money was being used, a lawyer for the Ontario Securities Commission charged at a hearing on Tuesday. Mark Bailey, a senior litigator for the OSC, said the more than 500 people who pumped $78-million into two funds offered by Paramount were repeatedly told that their money was being used to fund second mortgages on residential homes. In fact, the money was used to fund highly speculative development projects, and in some cases was either diverted to other investors or used to pay undisclosed fees to Paramount, Mr. Bailey said. Mr. Bailey described Paramount investors as atypical of the usual, unsophisticated investors who get taken in by a fraud. “They asked the right questions. They read the fine print. They understood the
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