As registrar, Mr. Richer was charged with enforcing Ontario’s laws governing the conduct of 110,000 licensed realtors and brokers, including financial audits, disciplinary investigations and hearings for the multibillion-dollar industry.
The move follows Mr. Richer and RECO’s confirmation the regulator had known for months key details about millions of missing dollars removed from the legally protected trust accounts of iPro, a brokerage that at the time was one of Ontario’s largest, with more than 2,400 agents.
…
RECO announced on Aug. 14 that it had entered into an undertaking with Mr. Alves and Mr. Colucci to wind up iPro, but in recent days Mr. Richer has confirmed to the Toronto Star part of that deal included his willingness not to lay provincial offences charges against either of the iPro founders – though they would lose their licences to trade in real estate.