But lawyers for the brokerages say the freezes were \u201cunwarranted,\u201d and that the allegations \u201chave caused serious harm to Save Max\u2019s business, agents, brokers, and clients.\u201d<\/p>\n
The decision has had a \u201cdevastating impact\u201d on Save Max, the appeal states, including \u201cimmediate and severe operational, reputational, and financial harm,\u201d according to an appeal of the decision filed to the RECO.<\/p>\n
Between 100 to 150 active listings have been frozen, and some 400 registered real estate salespeople have since left brokerages across the broader Save Max network, according to the appeal.<\/p>\n
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\u201cContrary to the rumours circulating about what is in Save Max\u2019s trust accounts, no funds are missing,\u201d law firm Hutchison Robitaille LLP said in a statement sent to INsauga.com.<\/p>\n
The board says funds held in trust for real estate sales were instead used for loan payments, property management fees, taxes, credit card balances and vendor services.<\/p>\n
And while the appeal says investigations by the RECO did find \u201cincorrect disbursements,\u201d most were \u201creversed promptly within 30 days \u2013 a number of them within 24 to 48 hours, and one within a matter of minutes.\u201d<\/p>\n
The largest of the disputed transactions was a transfer of $700,000, which was \u201creversed the next day,\u201d according to the appeal.<\/p>\n
In the appeal, Hutchison Robitaille says there is no basis for the orders, and calls for the board to revoke them and \u201cthat the costs of this proceeding be awarded\u201d to the appellants.<\/p>\n
The board named Save Max Real Estate Inc., Save Max First Choice Real Estate Inc., Save Max Supreme Real Estate Inc., Save Max Ace Real Estate in its findings.<\/p>\n
Brampton broker Raman Dua and Nidhi Dua of Mississauga were also named as brokers of Save Max First Choice Real Estate Inc.<\/p>\n
In a post on social media, Dua said he is \u201ccooperating fully and proactively addressing each matter raised.\u201d<\/p>\n
\u201cThere is currently a freeze on real estate transactions across our four brokerages pending the completion of regulatory proceedings,\u201d Dua said. \u201cWe understand this creates uncertainty, and we are working urgently to resolve these matter<\/p>\n
To access their funds, individuals must now go through the insurance claims process, the board says.<\/p>\n