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<\/p>\nSeveral real estate brokerages in Mississauga and Brampton have had their accounts frozen after investigations revealed some $2.7 million in client funds were used to pay off expenses, Ontario\u2019s real estate board says.<\/p>\n
Four Save Max real estate brokerages and two residents from Mississauga and Brampton have been hit with regulatory action, including immediate suspension and freeze orders, the Real Estate Council of Ontario said in a release on Tuesday.<\/p>\n
An investigation was launched after a complaint was filed to the board in December 2024, and the RECO says it discovered $2.7 million was \u201cdisbursed unlawfully\u201d from four brokerage trust accounts.<\/p>\n
The funds, held in trust for real estate sales, were instead used for loan payments, property management fees, taxes, credit card balances and vendor services, the board says.<\/p>\n
The board called these incidents \u201cclear and repeated breaches\u201d of the Trust in Real Estate Services Act, and that \u201cboth consumers and approximately 400 registrants involved with the identified brokerages will be affected by this matter.\u201d<\/p>\n
\u201cUnlawfully disbursed funds were typically replaced before month-end, when brokerages are required to complete a reconciliation of the Real Estate Trust Account,\u201d the RECO says.<\/p>\n
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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
To access their funds, individuals must now go through the insurance claims process, the board says.<\/p>\n
\u201cFreezing trust accounts is the strongest safeguard available to ensure that funds held in trust are protected and not accessed for purposes beyond those they are legally intended to serve,\u201d the RECO says.<\/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
Dua said he is \u201ccooperating fully and proactively addressing each matter raised\u201d in a post on social media.<\/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 matters.\u201d<\/p>\n
\u201cWe are committed to resolving this matter transparently and restoring your trust,\u201d the post reads.<\/p>\n
The regulator action follows inspections, investigations, and a third-party forensic review of financial records. On top of the freezes, the board says Peel Regional Police have also been informed of the board\u2019s findings.<\/p>\n