Four Save Max real estate brokerages in Ontario face suspension following allegations of misappropriating $2.7 million in trust funds. The Real Estate Council of Ontario (RECO) has suspended the brokerages and is seeking to revoke the licenses of two brokers of record. This action follows a tip received in December 2024 and an investigation into 20 Save Max brokerages. RECO alleges the funds were improperly used for operating expenses, violating the Trust in Real Estate Services Act (TRESA). The situation has sparked industry-wide concerns about trust account security, particularly after a previous incident involving iPro Realty Ltd. where $10.5 million went missing. Read the full story on The Globe and Mail for more details on this developing situation and its potential impact on the GTA real estate market.
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