RECO charges owner of Brekland Realty Group and Broker of Record – Feb. 2012

Significant shortfall in trust account revealed during inspection – UPDATE

Monday, Feb. 13, 2012 (Toronto) – The Real Estate Council of Ontario (RECO) has laid six charges under the Real Estate and Business Brokers Act, 2002 against Jason Laramee, owner of Monster Realty Corporation which operated as Brekland Realty Group. As well, the brokerage and its Broker of Record Matt Cappuccitti were also charged with offences under the Act.

RECO has also suspended the registration of the brokerage and, to further protect the public interest, the Director, under REBBA 2002, has frozen the bank accounts of the brokerage. The immediate suspension means the brokerage and its 213 employees can no longer trade in real estate. Many employees have already applied to RECO and been approved for transfers to other brokerages.

“The suspension order and the charges relate to a significant shortfall of funds from the brokerage’s trust account. After RECO booked a routine inspection, it was revealed that a large sum of money was missing from the brokerage’s trust account,” said Registrar Allan Johnston. The charges under the Act relate to the improper disbursement of funds in the brokerage’s trust account. Details of all the charges can be found on RECO’s website at www.reco.on.ca. Charges are found under the complaints and enforcement section of the site.

Brekland Realty Group’s head office was located in Mississauga and it operated three branches in Mississauga, Milton and Oakville. REBBA 2002 allows an immediate suspension order to be used in circumstances where the Registrar considers it to be in the public interest.

 

CONTACT INFORMATION

EMPLOYEES OF BREKLAND REALTY GROUP OR CO-OPERATING BROKERAGES

Questions about commissions:

Claims for commissions should be directed to the claims adjuster for RECO’s insurance program:

Granite Claims Solutions
Toll Free: 1-877-740-1913
Toll Free Fax: 1-866-735-1033
Email: claims@reco-claims.ca

The insurer requires one Notice of Claim Commission Protection form per trade. Claim forms are located on the insurer’s website: www.reco-claims.ca

Questions about the procedures for transferring a registration to a new brokerage:

Registration Officer: Margaret Marshall
Phone: (416) 207-4809 or 1-800-245-6810 ext. 4809

Questions about the impact of a freeze order on transactions:

Jay Blair, RECO
Phone: (416) 207-5171
Email: jay.blair@reco.on.ca

HOME BUYERS AND SELLERS

Buyers and sellers who may be concerned about whether a pending sale or purchase will be completed on time or who have questions about the impact of the freeze order should contact:

Jay Blair, RECO
Phone: (416) 207-5171
Email: jay.blair@reco.on.ca

Questions about consumer deposit claims, or other insurance-related inquiries should be directed to RECO’s Insurance Department:

Ruth Garrett, Insurance Administrator
Phone: (416) 207-4872 or (416) 207 4841
Toll Free: 1-800-245-6910
Fax: (416) 207-9020
E-mail: insurance@reco.on.ca


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