iPro Realty, a major Ontario brokerage with 2,400 agents, was discovered to have a $10.5 million shortfall in their trust accounts in May 2025. Co-founders admitted to taking the money, but RECO (the regulator) negotiated a quiet settlement rather than pressing charges, leading to industry outrage and the resignation of RECO's Registrar.
- A Co-founder had previously sat on RECO's board until 2023,
- RECO kept the scandal secret for three months while attempting to recover funds, allowing iPro to continue taking client deposits despite the known shortfall
- The aftermath included the firing of RECO's Registrar and questions about the effectiveness of self-regulation in real estate
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