{"id":11387,"date":"2025-11-17T08:10:28","date_gmt":"2025-11-17T08:10:28","guid":{"rendered":"https:\/\/gangsterismout.com\/?p=11387"},"modified":"2025-12-03T13:00:46","modified_gmt":"2025-12-03T13:00:46","slug":"ipro-realty-ltd-dynamic-duo-fedele-colucci-and-rui-alves","status":"publish","type":"post","link":"https:\/\/gangsterismout.com\/?p=11387","title":{"rendered":"iPro Realty Ltd. &#8211; RECO disbanded"},"content":{"rendered":"<p>The Ford government has appointed an administrator to take control of the Real Estate Council of Ontario (RECO), following an independent audit into the real estate regulator\u2019s handling of iPro Realty&#8217;s misappropriation of funds. An independent audit by Dentons Canada LLP found that iPro told RECO that its trust accounts had a $10m shortfall in May, but the registrar didn&#8217;t freeze or monitor their accounts for nearly three months. A letter by Katie Steinfeld, dysfunctional chair of RECO\u2019s board of directors, to Crawford acknowledged \u201cthe seriousness of the iPro Realty matter\u201d. She is gone December 1. Hundreds of Ontario agents are still stiffed on their compensation.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/REMBannerPart29-7-1080x630-1.webp\" alt=\"\" width=\"1080\" height=\"630\" class=\"alignnone size-full wp-image-12385\" srcset=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/REMBannerPart29-7-1080x630-1.webp 1080w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/REMBannerPart29-7-1080x630-1-300x175.webp 300w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/REMBannerPart29-7-1080x630-1-1024x597.webp 1024w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/REMBannerPart29-7-1080x630-1-768x448.webp 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" \/><br \/>\nThe Ontario Provincial Police has launched an investigation into the iPro Realty Ltd. scandal. OPP spokesperson Erin Cranton confirmed the investigation is underway. Some 2,400 agents have been stiffed on their commissions. They are protesting. Calls are increasing for the bisbandment of the fully useless Real Estate Council of Ontario (RECO) and the resignations of the entire BoD. 5 real estate boards, representing 95,000 of the 105,000 agents in Ontario, are demanding the governement take action to restore the trust burnt off by RECO.<\/p>\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/Cvn4BPDeY_g?si=D-TLJ7ejxJsKDYcp\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\nIt has been revealed that Rui Alves was a former board member of RECO. Alves left the Board in May 2023. This came to light after the Ford government is threatening to intervene and take over the province\u2019s real estate watchdog. Realtors cannot access client deposits and commissions in the iPro trust accounts and are looking at steep losses. Ontario&#8217;s five largest realtor associations issued a joint statement August 29th voicing their support for the government\u2019s decision to intervene. They represent more than 90% of the nearly 100,000 realtors in Ontario. <a href=\"https:\/\/trreb.ca\/statement-from-trreb-cornerstone-oreb-onepoint-and-clar-on-ford-government-review-of-reco\/\">Here<\/a>.  Agents can file an insurance claim for their losses, however, the aggregate limit is $4m for all consumer deposit claims related iPro.<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/icj56occohkf1.png\" alt=\"\" width=\"810\" height=\"498\" class=\"alignnone size-full wp-image-12177\" srcset=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/icj56occohkf1.png 810w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/icj56occohkf1-300x184.png 300w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/icj56occohkf1-768x472.png 768w\" sizes=\"auto, (max-width: 810px) 100vw, 810px\" \/><br \/>\nThe Real Estate Council of Ontario (RECO) said iPro Realty Ltd. will have its accounts frozen and an audit to \u201censure safeguards are in place while still permitting a process for closure of real estate transactions.\u201d \u201cRECO\u2019s board of directors takes its responsibility to protect consumers and registrants seriously,\u201d said Katie Steinfeld, chair of RECO.<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/1676041898537.jpg\" alt=\"\" width=\"800\" height=\"800\" class=\"alignnone size-full wp-image-11830\" srcset=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/1676041898537.jpg 800w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/1676041898537-300x300.jpg 300w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/1676041898537-150x150.jpg 150w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/1676041898537-768x768.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><br \/>\nOur gal is slamming the burning barn door shut after the horsie has already fukked off. She, and the entire RECO board, (Owen Crampsie, Sylvia Kirkwood and others including lawyer Jasvinder &#8216;Jessie&#8217; Singh) <a href=\"https:\/\/www.reco.on.ca\/about\/governance\/board-of-directors\">need to resign<\/a>. Instead of doing that and taking responsibility for their failure to meet their very serious mandate, they aren&#8217;t. Heads must roll. Thats the price of failure, something this gal is probably too young and incompetent to understand. (info@getontheblock.com) Her position requires enforcement from a grumpy old man who industry players respect and are afraid of. Princess was <strong>NEVER<\/strong> cut out for the role and it takes something serious for woke retards to realize it. It has happened. Katie Steinfeld and her entourage need to go. <\/p>\n<p>Brenda Buchanan is Chief Executive Officer (CEO). Although recently appointed to the role, she has much experience in RECO.<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/RECO-Buchanan-Brenda.jpg\" alt=\"\" width=\"240\" height=\"200\" class=\"alignnone size-full wp-image-11661\" \/><br \/>\nThe Real Estate Council of Ontario announced that registrar Joseph Richer is out of the organization. RECO CEO Brenda Buchanan made the announcment. \u201cRECO took action to protect consumers and agents when issues arose with iPro Realty Ltd. RECO\u2019s priority is to ensure that Ontarians can have confidence in the agents and brokerages they work with,\u201d<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/RECO-Richer-Joseph.jpg\" alt=\"\" width=\"240\" height=\"200\" class=\"alignnone size-full wp-image-11660\" \/><br \/>\nRECO&#8217;s dysfunctional and now fired registrar was Joe Richer. askjoe@reco.on.ca<br \/>\n<a href=\"https:\/\/www.reco.on.ca\/\">Ontario&#8217;s real estate regulator<\/a> (&#8216;Pursuing Trust on Every Transaction&#8217; &#8211; information@reco.on.ca) gave a full pass to Fedele Colucci and Rui Alves for their $10.5m steal from trust accounts. &#8220;RECO&#8217;s registrar agreed not to seek charges under his authority under the Provincial Offenses Act, and to not take any further administration action &#8230;&#8221; Industry players were both stunned and dumbfounded. After RECO discovered a $10.5 million shortfall in iPro\u2019s trust accounts in late May, it waited three months to notify the public and its own industry. During that period, the brokerage conducted more than $700 million in residential sales. The transactions would have triggered the flow of an additional $17m into iPro\u2019s deficient trust accounts. Insiders say its impossible for Joseph Richer to have acted alone. He is the scapegoat for RECO&#8217;s stunning failures.<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/images-2.png\" alt=\"\" width=\"514\" height=\"98\" class=\"alignnone size-full wp-image-11663\" srcset=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/images-2.png 514w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/images-2-300x57.png 300w\" sizes=\"auto, (max-width: 514px) 100vw, 514px\" \/><\/p>\n<p>RECO updated the public profiles of the two thieves saying they had &#8216;voluntarily terminated&#8217; their registrations. In 2010 a RECO investigation into David Seto landed that real estate thief a year in jail. He stole $500,000 from trust accounts. Industry players say Joe Richer, Brenda Buchanan, and the entire RECO board should resign. They clearly aren&#8217;t doing their jobs correctly. They do say they will &#8216;support&#8217; the police investigation.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/player.vimeo.com\/video\/1110532922?badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\" width=\"720\" height=\"720\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture; clipboard-write; encrypted-media; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" title=\"iPro dynamic duo Fedele Colucci and Rui Alves\"><\/iframe><br \/>\niPro Realty Ltd. is no more after Ontario&#8217;s industry watchdog said that it discovered a &#8216;significant shortfall&#8217; in its accounts. The Real Estate Council of Ontario (RECO) says Mississauga-based iPro Realty Ltd. will be shuttered on August 19, 2025. Upwards of $10m has gone into the ether. Funds that were unaccounted for were supposed to have been held in consumer deposit and commission trust accounts. Main men holding the crooked bag are Fedele Colucci and Rui Alves.<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/Screenshot-2025-08-16-100050.png\" alt=\"\" width=\"231\" height=\"227\" class=\"alignnone size-full wp-image-11398\" \/>Fedele Colucci<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/689f6999b1eb9.png\" alt=\"\" width=\"707\" height=\"420\" class=\"alignnone size-full wp-image-11401\" srcset=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/689f6999b1eb9.png 707w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/689f6999b1eb9-300x178.png 300w\" sizes=\"auto, (max-width: 707px) 100vw, 707px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/20230815133323-Rui-Fed.jpg\" alt=\"\" width=\"640\" height=\"427\" class=\"alignnone size-full wp-image-11388\" srcset=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/20230815133323-Rui-Fed.jpg 640w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/20230815133323-Rui-Fed-300x200.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><br \/>\nThings are so grim its said cops are on the way with handcuffs. \u201cThis is a serious breach of iPro\u2019s responsibilities under the law and to its consumers and agents.\u201d The regulator says folks funds should be covered by insurance, although underwriters need to have been paid for that to happen. There are 2,400 agents employed at iPro at locations in Mississauga, Toronto, North York, Scarborough, and across the GTA.<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/ipro-scaled.png\" alt=\"\" width=\"2560\" height=\"978\" class=\"alignnone size-full wp-image-11389\" srcset=\"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/ipro-scaled.png 2560w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/ipro-300x115.png 300w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/ipro-1024x391.png 1024w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/ipro-768x293.png 768w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/ipro-1536x587.png 1536w, https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/ipro-2048x782.png 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ford government has appointed an administrator to take control of the Real Estate Council of Ontario (RECO), following an independent audit into the real estate regulator\u2019s handling of iPro Realty&#8217;s misappropriation of funds. An independent audit by Dentons Canada LLP found that iPro told RECO that its trust accounts had a $10m shortfall in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11395,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[427,429,460,461,428,462],"class_list":["post-11387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-fedele-colucci","tag-ipro-realty-ltd","tag-katie-steinfeld","tag-owen-crampsie","tag-rui-alves","tag-sylvia-kirkwood"],"jetpack_featured_media_url":"https:\/\/gangsterismout.com\/wp-content\/uploads\/2025\/08\/20230815133323-Rui-Fed.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/gangsterismout.com\/index.php?rest_route=\/wp\/v2\/posts\/11387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gangsterismout.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gangsterismout.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gangsterismout.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gangsterismout.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11387"}],"version-history":[{"count":47,"href":"https:\/\/gangsterismout.com\/index.php?rest_route=\/wp\/v2\/posts\/11387\/revisions"}],"predecessor-version":[{"id":16230,"href":"https:\/\/gangsterismout.com\/index.php?rest_route=\/wp\/v2\/posts\/11387\/revisions\/16230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gangsterismout.com\/index.php?rest_route=\/wp\/v2\/media\/11395"}],"wp:attachment":[{"href":"https:\/\/gangsterismout.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gangsterismout.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gangsterismout.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}