RECO files Notice of Application to pursue recovery of consumer and registrant trust funds at iPro Realty

Toronto, ON – September 12, 2025

The Real Estate Council of Ontario (RECO) has issued a Notice of Application with the Ontario Superior Court of Justice (Commercial List) to initiate proceedings against iPro Realty’s former principals and other parties.

RECO asserts that iPro’s former principals and other parties orchestrated and executed a Trust Scheme involving the systematic diversion, removal and misuse of consumer deposit and agent commissions held in trust on their behalf. The Trust Scheme was a deliberate breach of the iPro Respondents’ fiduciary, statutory and ethical obligations, and was executed at the expense of consumers, registrants, and RECO.

RECO’s proceeding seeks a freeze of assets and further requests the court’s order that will permit RECO to trace the flow of trust funds that were diverted and return them to the trust accounts from which they were taken.

“Consumers and agents placed their trust in iPro, and that trust was violated. RECO is committed to seeking justice for affected agents and consumers by using all available remedies to recover the funds that should have remained in trust,” said Katie Steinfeld, Chair of RECO’s Board of Directors.

“This was a serious breach of trust by iPro’s former leadership. Our commitment is to explore every available legal step to protect consumers and registrants, including pursuing recovery of these funds through the courts,” said Brenda Buchanan, CEO of RECO.

RECO’s Board and CEO have acted decisively including issuing today’s proceeding, issuing a freeze order of iPro assets, launching a forensic audit of iPro, and conducting an independent and comprehensive audit of the iPro matter by Dentons. RECO is fully cooperating with law enforcement to provide all necessary information in support of their investigations.

Today’s proceeding sets out RECO’s clear path toward recovering funds that were diverted or removed from trust. RECO’s priority remains protecting Ontario consumers and registrants, ensuring accountability, and restoring confidence in the real estate sector.

For other information on the iPro matter, please visit reco.on.ca/ipro/information-and-latest-updates-on-ipro.

Media contact
mediacontact@reco.on.ca