NOTICE FOR CLAIMS AGAINST RE/MAX EXECUTIVE REALTY INC. (1996) and DAVID SETO
TAKE NOTICE THAT:
On January 29, 2010, the director under the Real Estate and Business Brokers Act, 2002 (Ontario) (hereinafter, the "Director") brought an application in the Ontario Superior Court of Justice for relief including an order for directions or an order relating to the disposition of assets, trust funds and land that are affected by:
- two freeze orders that were issued by the Director, pursuant to section 25(1) of the Real Estate and Business Brokers Act, 2002 (Ontario) (hereinafter, "REBBA"), on February 2 and 23, 2009, in relation to assets and/or trust funds of RE/MAX Executive Realty Inc. (1996) and David Seto; and
- a notice that was registered by the Director, pursuant to 25(7) of REBBA, on February 25, 2009, in the land registry office at 50 Bloomington Road, 3rd Floor in Aurora, Ontario in relation to the property known municipally as 8 Weldrick Road West in Richmond Hill, Ontario.
BACKGROUND:
The Real Estate Council of Ontario (hereinafter, "RECO") is responsible for administering REBBA on behalf of the Government of Ontario. The Director is appointed by the board of RECO.
RE/MAX Executive Realty Inc. (1996) (hereinafter, "Executive") was registered as a brokerage under REBBA. Executive had offices at 1225 Kennedy Road in Toronto, 8 Weldrick Road in Richmond Hill, and 13321 Yonge Street in Richmond Hill, Ontario. David Seto (hereinafter "Seto") was registered as a broker under REBBA and was the broker of record for Executive.
On February 2, 2009, pursuant to section 25(1) of REBBA, the Director issued a freeze order that ordered the Toronto Dominion Bank at 55 King Street West, Toronto, to hold all assets and/or trust funds that were being kept and maintained by Executive and Seto in any account, including Executive's real estate trust account, commission trust account and general account.
On February 23, 2009, pursuant to section 25(1) of REBBA, the Director issued a freeze order that ordered any person having on deposit or controlling any assets or trust funds of Executive or Seto to hold those funds or assets.
On February 25, 2009, pursuant to section 25(7) of REBBA, the Director registered in the land registry office at 50 Bloomington Road, 3rd Floor in Aurora, Ontario a notice on title to the property known municipally as 8 Weldrick Road West in Richmond Hill, Ontario (hereinafter, the "Notice"), which advised that the Director had issued the freeze orders dated February 2 and 23, 2009 (collectively, the "Freeze Orders") and that such orders may affect the property.
On March 11, 2009, the registrations under REBBA of Executive as a brokerage and Seto as a broker were revoked.
On November 19, 2009, Executive pled guilty to eight counts of failing to deposit trust money into a real estate trust account, contrary to section 27(1)(b) of REBBA. That same day, Seto pled guilty to eight counts of failing to ensure that Executive complied with REBBA, contrary to section 12(2) of REBBA.
On January 29, 2010, pursuant to section 25(11) of REBBA, the Director brought an application before the Ontario Superior Court of Justice for directions or an order relating to the disposition of assets, trust funds or land affected by the Freeze Orders and the Notice.
TAKE NOTICE THAT:
This notice is placed pursuant to the direction of the Ontario Superior Court of Justice.
IF YOU HAVE A CLAIM AGAINST EXECUTIVE AND WISH TO MAKE A CLAIM AGAINST THE ASSETS, TRUST FUNDS AND/OR LAND THAT ARE AFFECTED BY THE FREEZE ORDERS OR NOTICE DESCRIBED ABOVE, YOU MUST GIVE NOTICE IN WRITING TO THE DIRECTOR'S LAWYERS, WHOSE CONTACT INFORMATION IS BELOW, BY FEBRUARY 26, 2010, FAILING WHICH THE DIRECTOR'S APPLICATION TO THE ONTARIO SUPERIOR COURT OF JUSTICE REFERRED TO ABOVE WILL BE BROUGHT BACK BEFORE THE COURT, AND DIRECTIONS MAY BE GIVEN CONCERNING THE ASSETS, TRUST FUNDS AND/OR LAND AFFECTED BY THE FREEZE ORDERS AND THE NOTICE, WITHOUT FURTHER NOTICE TO YOU.
To provide official notice in writing, or for further information about the Application or this notice, contact the Director's lawyers:
Cassels Brock & Blackwell LLP
2100-40 King Street West,
Toronto, Ontario M5H 3C2
Attention: Erec Rolfe (erolfe@casselsbrock.com)
Telephone: 416-869-5762
Facsimile: 416-646-5488
Dated at Toronto this 3rd day of February, 2010.
Tom Wright
Director, Real Estate and Business Brokers Act, 2002
Notice of Application
Sworn Affidavit
Justice Pepall Order
