Paramount Group regulatory hearing into fraud case to move forward in writing [Toronto Globe and Mail (Ontario, Canada)]
Paramount Group, Inc. (PGRE)
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Source: Toronto Globe and Mail
Paramount Group regulatory hearing into fraud case to move forward in writing The regulatory hearing into an alleged fraud run by the Paramount Group, which sold pooled mortgage products until it was shut down in 2017, will proceed despite the COVID-19 pandemic that has stalled most official government proceedings. A panel of the Ontario Securities Commission, which put Paramount into receivership in 2017, ruled this week that it will allow OSC lawyers to argue the rest of their case against the group of companies, and the executives that ran them, through written submissions. An in-person hearing into Paramount commenced earlier in March, and was supposed to continue this week until the OSC cancelled such hearings because of the viral outbreak. The OSC’s three-person panel concluded that continuing using written evidence is “consistent with the public interest in bringing the merits hearing to a timely and appropriate conclusion.” A “merits hearing” is the OSC’s process for testing e
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