"The Ontario government is considering taking control of the province's real estate regulator after an audit into its handling of what it describes as iPro Realty's "misappropriation" of funds. The minister of public and business service delivery says in a statement that the review of the Real Estate Council of Ontario identifies significant issues with the regulator's practices, processes and procedures."
"Stephen Crawford says in a letter to RECO that given the severity of the concerns, he is considering appointing an administrator to assume control of the council and has given the board of directors two weeks to respond before he makes a final decision. RECO says in a statement on its website that it is committed to working collaboratively with the minister to understand the proposed process, scope and next steps."
The Ontario government is considering appointing an administrator to assume control of the Real Estate Council of Ontario following a review of the regulator's handling of alleged misappropriation of funds at iPro Realty. The review identified significant issues with RECO's practices, processes and procedures. The minister has given the board of directors two weeks to respond before a final decision is made. The review found that RECO's former registrar deviated from the regulator's typical approach when dealing with misappropriation of trust funds. RECO has committed to working collaboratively with the minister and has begun implementing the report's recommendations.
#real-estate-council-of-ontario #ipro-realty-misappropriation #provincial-government-intervention #regulatory-audit
Read at www.cbc.ca
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