Ontario’s real estate regulator has taken enforcement action against four Save Max brokers after an investigation revealed millions of dollars had been unlawfully withdrawn from real estate accounts.
In a Feb. 3 notice, the Real Estate Council of Ontario (RECO) said the action follows inspections, investigations and a third-party forensic investigation following a complaint received in December 2024.
The investigation, completed in January 2026, found that $2.7 million had been improperly withdrawn from the trust accounts of the Mississauga-based brokers.
RECO said the funds were used for purposes outside the terms of the trust, including loan payments, property management fees, taxes, credit card balances and vendor services.
The Save Max brokers involved are Save Max, First Choice, Supreme and Ace.
About 400 officers have been affected.
Action taken
According to the regulator, the illegally disbursed funds were often replaced before the end of the month, when brokers are needed to complete trust account reconciliations.
RECO has issued notices of proposals for registration withdrawal, immediate suspension orders and freezing orders against the brokers.
Raman and Nidhi Dua, the agents of Save Max First Choice Real Estate Inc., are facing a proposed revocation of their registration and immediate suspension.
RECO has also informed the Peel Regional Police of its findings.
RECO emphasized that its enforcement action is limited to the four brokers identified in the investigation. Inspections of other Save Max brokers in Ontario found no significant problems, the report said.
Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has more than a decade of experience covering daily business news.
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