Update for former iPro agents about documentation

As year-end approaches, RECO has received questions from former iPro agents about documentation such as T4s, commission statements, and trade sheets. 

RECO’s authority, under the Trust in Real Estate Services Act, 2002 (TRESA), is to act to remove registration, or to freeze brokerage accounts if funds need to be safeguarded. RECO acted in that capacity earlier this year.  

RECO does not have the authority, or ability, to produce or provide this documentation. When RECO has been asked previously to provide documentation, we have advised registrants to consult with their legal counsel or accounting professionals regarding all such materials.   

While the brokerage (iPro Realty Ltd.) is no longer eligible to trade in real estate, that entity remains registered as a corporation. The responsibility and authority to process and distribute all required documentation to employees, contractors, and registrants rests solely with the principals of iPro, Mr. Alves and Mr. Colucci. The principals of the brokerage, Rui Alves and Fedele Colucci, maintain access to iPro’s records, although the accounts remain frozen pursuant to the freeze order and can only be accessed by court order.   
 
Since the commencement of its application against Mr. Alves, Mr. Colucci and the other corporate respondents, RECO has contacted those individuals through their legal representation: Sean Pierce, Partner, Adair Goldblatt Bieber LLP (spierce@agbllp.com).  

RECO recognizes that this situation continues to create uncertainty for many people who did nothing wrong. RECO’s focus is on protecting the public, safeguarding the interests of registrants, and restoring trust. We will continue to provide updates on the iPro page of RECO’s website.