{"id":79742,"date":"2025-08-18T22:29:06","date_gmt":"2025-08-18T22:29:06","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/79742\/"},"modified":"2025-08-18T22:29:06","modified_gmt":"2025-08-18T22:29:06","slug":"ipro-realty-investigation-launched-by-reco-peel-police","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/79742\/","title":{"rendered":"iPro Realty investigation launched by RECO: Peel police"},"content":{"rendered":"<p class=\"c-paragraph\">Ontario\u2019s real estate watchdog, the Real Estate Council of Ontario (RECO), is currently helming the investigation into a Toronto-area real estate brokerage after discovering a <a href=\"https:\/\/www.ctvnews.ca\/toronto\/article\/ipro-realty-ltd-shut-down-by-ontarios-real-estate-watchdog\/\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.ctvnews.ca\/toronto\/article\/ipro-realty-ltd-shut-down-by-ontarios-real-estate-watchdog\/\">multi-million-dollar shortfall in its accounts<\/a>, Peel Regional Police say. <\/p>\n<p class=\"c-paragraph\">Const. Tyler Bell-Morena confirmed to CTV News Toronto that RECO contacted police on Friday, notifying their fraud bureau of its ongoing investigation into the \u201cpotential improprieties\u201d within Mississauga-based iPro Realty Ltd. <\/p>\n<p class=\"c-paragraph\">\u201cRECO has been in contact with Peel Regional Police and will cooperate with any investigation undertaken by law enforcement,\u201d the council told CTV News Toronto Monday evening.<\/p>\n<p class=\"c-paragraph\">On Aug. 15, RECO announced it will be <a href=\"https:\/\/www.reco.on.ca\/news\/ipro-realty-ltd-closure-effective-august-19-2025\" target=\"_blank\" rel=\"nofollow noopener\" title=\"https:\/\/www.reco.on.ca\/news\/ipro-realty-ltd-closure-effective-august-19-2025\">shuttering the brokerage by Tuesday<\/a> due to a \u201csignificant shortfall\u201d of $10 million in commission and consumer deposit trust accounts. That figure has since declined to less than $8 million. <\/p>\n<p class=\"c-paragraph\">iPro has 17 branches, including two in Mississauga and three in Toronto, and employs roughly 2,400 agents.<\/p>\n<p class=\"c-paragraph\">Joseph Richer, RECO\u2019s registrar, previously told CTV News Toronto that they were notified of iPro\u2019s shortfall before a scheduled inspection of the brokerage\u2019s accounts. <\/p>\n<p class=\"c-paragraph\">\u201cThe funds that were unaccounted for were to have been held in the consumer deposit and commission trust accounts, but we have not yet confirmed the number of consumers or agents affected,\u201d Richer said said in a statement last week. <\/p>\n<p class=\"c-paragraph\">\u201cThis is a serious breach of iPro\u2019s responsibilities under the law and to its consumers and agents.\u201d<\/p>\n<p class=\"c-paragraph\">At this time, Peel Police say the investigation remains under RECO\u2019s purview.<\/p>\n<p class=\"c-paragraph\">\u201cAlthough a criminal investigation has not yet commenced, a referral from RECO to the police may occur in the future subject to the Fraud Bureau\u2019s receipt of a full briefing with respect to RECO\u2019s findings and available evidence to date,\u201d Bell-Morena said in an emailed statement. <\/p>\n<p class=\"c-paragraph\">\u201cAn assessment of the information for criminal process suitability will then take place in line with the Fraud Bureau\u2019s intake procedure.\u201d<\/p>\n<p class=\"c-paragraph\">With files from CTV News Toronto\u2019s Phil Tsekouras<\/p>\n","protected":false},"excerpt":{"rendered":"Ontario\u2019s real estate watchdog, the Real Estate Council of Ontario (RECO), is currently helming the investigation into a&hellip;\n","protected":false},"author":2,"featured_media":79743,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[712,45,49,48],"class_list":{"0":"post-79742","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-apple-news","9":"tag-business","10":"tag-ca","11":"tag-canada"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/79742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=79742"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/79742\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/79743"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=79742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=79742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=79742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}