As per the reports confirmed by the regular on Tuesday, the Saratoga Springs, a New York-based private equity firm, Prime Group Holdings LLC, has now finally agreed to pay around 20.5 million dollars to US Security and Commission in order to resolve the charges of disclosure failures.
The private equity firm, Prime Group, can’t show the details and provide information about the millions of dollars they had which they said were the brokerage fees of real estate. An interesting thing is that the brokerage fees were paid by a company that is owned by the CEO himself.
In a statement, the US Securities and Exchange Commission said that the Prime Group has agreed to pay around 6.5 million dollars as a penalty and they are also going to give up 14 million dollars in ill-gotten gains and interest. The lawyers of the Prime Group did not deny or confirm the statement made by the US Securities and Exchange Commission.
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