The Globe and Mail reports in its Monday edition that the court-appointed receiver for Paramount Financial Equity Corp., which sold investments in pooled mortgage funds until its collapse in 2017, is suing a Toronto-area developer, alleging that he improperly diverted $18.8-million from Paramount-financed projects for his "personal benefit." The Globe's Greg McArthur writes that the receiver has also launched a claim against a Bay Street lawyer and his firm, alleging that they were in a conflict of interest and neglected to warn Paramount that it was in violation of securities laws. The two claims are the latest effort by the receiver, Grant Thornton Ltd., to recover what it can from the wreckage of Paramount, which was put in receivership at the request of the Ontario Securities Commission in 2017. Starting in 2014, Paramount raised $115-million from 500 retail investors who were told that their money would finance second residential mortgages, court filings state. Marketing material for Paramount's funds described the investments as "low volatility," providing "predictable, steady returns," and as a "high-returning annuity/GIC alternative," the OSC alleged. Paramount was not registered to sell such securities.