Elliman sues “Wall Street Warrior” over commission

Brokerage says Guy de Chimay refused to pay the firm for selling his East Hampton property

TRD NEW YORK /
Oct.October 03, 2016 05:49 PM

Guy whiz.

Douglas Elliman is suing disgraced former hedge fund manager Guy de Chimay, claiming he failed to pay the firm a commission for selling his East Hampton house.

Elliman TRData LogoTINY was tapped to market the property in 2014.

In court papers filed in Suffolk County Supreme Court Sept. 20, Elliman claims that in May 2014, it got the exclusive listing to sell the 4,428-square-foot, five-bedroom home at 34 Hedges Banks Drive for a one-year period. Elliman was to be paid a 6 percent commission in the event of a sale. The brokerage claims that in January 2015, de Chimay sold the house for an undisclosed amount to Hampton Dream Properties LLC, but did not pay Elliman a commission.

De Chimay had purchased the property in 2005 for $2.6 million, and first put it on the market in 2011 for just under $5 million.

De Chimay gained notoriety for his appearance on the documentary series “Wall Street Warriors,” in which he was portrayed as one of the city’s top young hedge fund managers. In 2011, De Chimay was convicted of running a Ponzi scheme in which he claimed a link to the Belgian royal family and enticed victims to lend him money for what he termed a bridge-loan facility.

In the SEC’s complaint, it wrote “there is no evidence that any bridge loans were actually made, and investments were instead used to make mortgage payments on Chimay’s multi-million dollar home in the Hamptons.” He pleaded guilty and was sentenced to three to nine years in prison as well as ordered to pay a $6 million fine.

Representatives for the brokerage declined to comment. Hampton Dream Properties, which specializes in houses in foreclosure and pre-foreclosure according to its website, couldn’t be reached.


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