Brookfield Asset Management’s disclosure practices have raised regulatory eyebrows before.
In a nine-page June 10, 2009, letter, the Securities and Exchange Commission raised with Brookfield a laundry list of concerns it had about Brookfield Asset Management’s home building subsidiary Brookfield Homes, requesting more detailed disclosure.
One issue was the Brookfield’s failure to disclose that Craig Laurie, Brookfield Homes’ chief financial officer, had also been serving as the CFO of Crystal River Capital, a company that was then being managed by another Brookfield Asset Management unit.
Brookfield Homes replied two weeks later, and among other things, agreed to disclose Laurie’s dual role. In 2011, Brookfield Homes became Brookfield Residential Properties.
For more coverage of Brookfield Asset Management, read “The Paper World of Brookfield Asset Management.”