Update on regulatory action involving four Save Max brokerages

Real Estate Council of Ontario (RECO) is providing an update regarding previous regulatory action taken on four Save Max brokerages and two individual registrants.

RECO has reached an agreement with the parties involved that prioritizes consumer protection and financial accountability, while minimizing disruption to ongoing real estate transactions. This outcome ensures that consumer and agent funds remain protected, with strict safeguards in place.

As a result, freeze orders and suspensions involving Save Max Real Estate Inc. and Save Max First Choice will be lifted, subject to the following mandatory conditions:

• Full repayment of, and protection against, any actual or potential shortfalls in commission trust accounts, supported by a personal guarantee from Raman Dua.
• Implementation of enhanced accounting protocols, subject to RECO and independent monitor approval.
• Continued third-party oversight of all brokerage bank accounts, including transaction-level approvals and direct reporting to RECO, until accounting protocols are fully established.
• Mandatory quarterly RECO inspections of brokerage accounts for a period of 12 months.
• An 18-month restriction on Raman Dua’s registration as a Broker of Record.
• The voluntary cessation of operations and cancellation of registrations for Save Max Supreme and Save Max Ace

Following this agreement, other suspensions and notices of proposal related to this matter will not proceed.

“This outcome protects consumers and agents, while imposing the necessary level of oversight and accountability required to restore confidence in these operations,” said Samantha Pinto, RECO’s Chief Regulatory Modernization Officer. “Consumers expect zero tolerance for the misuse of trust funds, and these measures showcase that strong controls are the responsibility of brokerages.”

“This action is aligned with our commitment to strengthen financial oversight across the sector, including the introduction of annual financial filings for brokerages later this year” said Jean Lépine, Administrator and Acting CEO.

RECO is dedicated to ensuring that consumer deposits and real estate agents’ commissions are managed responsibly. This agreement enables transactions to continue under heightened scrutiny and clear accountability, reinforcing the integrity of Ontario’s real estate marketplace and the protection of those operating within it.