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3h ago

RECO Freezes iPro Realty Accounts, Orders Independent Audit After Trust Fund Shortfall

The moves follow revelations of a $10-million gap in iPro’s trust funds, intensifying scrutiny of the regulator’s oversight.

The iPro Realty store front on the Danforth near Broadview is pictured on Aug. 15, 2025. iPro has recently gone out of business and shuttered all of its offices. August 15 2025

Overview

  • RECO said the freeze is intended to safeguard funds while allowing pending real estate transactions to close under a supervised process.
  • Dentons Canada LLP was hired to conduct an independent audit of the iPro matter and RECO’s decisions, with an interim report due Sept. 30 and a final report by Oct. 30.
  • Pending deals and claims will be processed through ClaimsPro under RECO’s professional liability policy, with an independent accounting firm overseeing the wind-down and performing forensic work.
  • The regulator also initiated an internal review, directed its CEO to bolster consumer protection measures, and will examine all active compliance files.
  • iPro, a brokerage with roughly 2,400 agents across 17 locations, was ordered closed on Aug. 19 after a shortfall of about $10–$10.5 million was found, a crisis that coincided with the departure of registrar Joseph Richer and renewed calls for accountability.