The Ontario Provincial Police has launched an investigation into the iPro Realty Ltd. scandal. OPP spokesperson Erin Cranton confirmed the investigation is underway. Some 2,400 agents have been stiffed on their commissions. They are protesting. Calls are increasing for the bisbandment of the fully useless Real Estate Council of Ontario (RECO) and the resignations of the entire BoD. 5 real estate boards, representing 95,000 of the 105,000 agents in Ontario, are demanding the governement take action to restore the trust burnt off by RECO.
It has been revealed that Rui Alves was a former board member of RECO. Alves left the Board in May 2023. This came to light after the Ford government is threatening to intervene and take over the province’s real estate watchdog. Realtors cannot access client deposits and commissions in the iPro trust accounts and are looking at steep losses. Ontario’s five largest realtor associations issued a joint statement August 29th voicing their support for the government’s decision to intervene. They represent more than 90% of the nearly 100,000 realtors in Ontario. Here. Agents can file an insurance claim for their losses, however, the aggregate limit is $4m for all consumer deposit claims related iPro.
The Real Estate Council of Ontario (RECO) said iPro Realty Ltd. will have its accounts frozen and an audit to “ensure safeguards are in place while still permitting a process for closure of real estate transactions.” “RECO’s board of directors takes its responsibility to protect consumers and registrants seriously,” said Katie Steinfeld, chair of RECO.
Our gal is slamming the burning barn door shut after the horsie has already fukked off. She, and the entire RECO board, (Owen Crampsie, Sylvia Kirkwood and others including lawyer Jasvinder ‘Jessie’ Singh) need to resign. Instead of doing that and taking responsibility for their failure to meet their very serious mandate, they aren’t. Heads must roll. Thats the price of failure, something this gal is probably too young and incompetent to understand. (info@getontheblock.com) Her position requires enforcement from a grumpy old man who industry players respect and are afraid of. Princess was NEVER cut out for the role and it takes something serious for woke retards to realize it. It has happened. Katie Steinfeld and her entourage need to go.
Brenda Buchanan is Chief Executive Officer (CEO). Although recently appointed to the role, she has much experience in RECO.
The Real Estate Council of Ontario announced that registrar Joseph Richer is out of the organization. RECO CEO Brenda Buchanan made the announcment. “RECO took action to protect consumers and agents when issues arose with iPro Realty Ltd. RECO’s priority is to ensure that Ontarians can have confidence in the agents and brokerages they work with,”
RECO’s dysfunctional and now fired registrar was Joe Richer. askjoe@reco.on.ca
Ontario’s real estate regulator (‘Pursuing Trust on Every Transaction’ – information@reco.on.ca) gave a full pass to Fedele Colucci and Rui Alves for their $10.5m steal from trust accounts. “RECO’s registrar agreed not to seek charges under his authority under the Provincial Offenses Act, and to not take any further administration action …” Industry players were both stunned and dumbfounded. After RECO discovered a $10.5 million shortfall in iPro’s trust accounts in late May, it waited three months to notify the public and its own industry. During that period, the brokerage conducted more than $700 million in residential sales. The transactions would have triggered the flow of an additional $17m into iPro’s deficient trust accounts. Insiders say its impossible for Joseph Richer to have acted alone. He is the scapegoat for RECO’s stunning failures.
RECO updated the public profiles of the two thieves saying they had ‘voluntarily terminated’ their registrations. In 2010 a RECO investigation into David Seto landed that real estate thief a year in jail. He stole $500,000 from trust accounts. Industry players say Joe Richer, Brenda Buchanan, and the entire RECO board should resign. They clearly aren’t doing their jobs correctly. They do say they will ‘support’ the police investigation.
iPro Realty Ltd. is no more after Ontario’s industry watchdog said that it discovered a ‘significant shortfall’ in its accounts. The Real Estate Council of Ontario (RECO) says Mississauga-based iPro Realty Ltd. will be shuttered on August 19, 2025. Upwards of $10m has gone into the ether. Funds that were unaccounted for were supposed to have been held in consumer deposit and commission trust accounts. Main men holding the crooked bag are Fedele Colucci and Rui Alves.
Fedele Colucci
Things are so grim its said cops are on the way with handcuffs. “This is a serious breach of iPro’s responsibilities under the law and to its consumers and agents.” The regulator says folks funds should be covered by insurance, although underwriters need to have been paid for that to happen. There are 2,400 agents employed at iPro at locations in Mississauga, Toronto, North York, Scarborough, and across the GTA.
