Real estate execs under fire in NYC this week
This week, the Paramount Group fell under SEC investigation for previously undisclosed payments made to its CEO Albert Behler’s companies, including more than $3 million for a private jet company and over $900,000 for personal accounting services. The investigation is looking at disclosures related to executive compensation, corporate asset use, related party transactions, conflicts of interest and control procedures. The property owner is cooperating with the SEC and has already incurred substantial legal fees, including $274,000 to reimburse its former executive, Wilbur Paes, for his legal costs related to the probe. Behler isn’t the only real estate executive under fire […]
This article originally appeared on The Real Deal. Click here to read the full story.
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