No, to paraphrase is to summarize or re-word [1]. I changed the meaning (from democracy to peer-review [2]). I'm not sure misquote was the best word-choice, but I definitely wasn't paraphrasing.
[1] http://dictionary.reference.com/browse/paraphrase
[2] "It has been said that democracy is the worst form of government except all the others that have been tried.”" -- Winston Churchill