RECO submits evidence in legal process aimed to recover consumer and registrant trust funds at iPro Realty

September 19, 2025

The Real Estate Council of Ontario (RECO) continues to take action in relation to iPro Realty.

Following its Notice of Application filed with the Ontario Superior Court of Justice (Commercial List) last week, RECO has now filed affidavits from its Chief Executive Officer, Brenda Buchanan, and from MNP LLP, an independent forensic accounting firm.

These affidavits set out in detail the evidence in support of RECO’s assertion of a Trust Scheme orchestrated by iPro’s former principals and related parties — a deliberate scheme to divert and misuse consumer deposits and agent commissions that were required to be held in trust on their behalf. This scheme represents a serious breach of fiduciary, statutory, and ethical obligations, and has harmed consumers, registrants, and the broader real estate sector.

The affidavits state that iPro’s former principals systematically misused trust funds, moving them into operating accounts and related companies, and, through direct payments, to themselves and their associates. The evidence also demonstrates that the true state of the trust accounts was purposefully concealed by these individuals by operating multiple accounting systems, falsifying records, and delaying disclosure until immediately before a scheduled inspection. In doing so, they not only betrayed the trust of thousands of Ontarians but also misled other parties who relied on their compliance.

RECO’s priority remains protecting Ontario consumers and registrants and is pursuing every available legal avenue to freeze assets, trace the flow of diverted funds, and recover money back into the trust accounts. RECO is fully cooperating with law enforcement to provide all necessary information in support of their investigations.

RECO is committed to transparency throughout this process and will continue to provide updates as this matter proceeds through the courts and as further steps are taken to protect consumers and registrants.

For further information on how to access materials filed with the court: Search for court cases online | ontario.ca