The Real Estate Council of Ontario (RECO) has issued an order freezing the bank accounts of Oakville, Ontario-based Rexig Realty Investment Group. The regulator has also made a proposal to revoke the registrations of both the brokerage and broker Paul Poliszot, director and president of the brokerage.
The measures, announced on October 30 under the Trust in Real Estate Services Act, 2002 (TRESA), are aimed at protecting consumer deposits. RECO says the freezing order prevents money from being withdrawn from the broker’s bank accounts. It uses freezing orders “when necessary” to ensure money held in investment accounts is not at risk of being misused.
Rexig, which employs ten agents according to the regulator, will remain open. RECO says the registered broker will oversee the remaining transactions and facilitate the transfer of agents and active listings to other brokers.
Appeal procedure
A motion to revoke registration is made where the Registrar is of the opinion that a broker or registrant is not entitled to registration. The decision can be appealed within 15 days. If no appeal is lodged, Rexig and Poliszot will have their registrations terminated and they will no longer be allowed to trade in real estate.
Real Estate Magazine has approached Poliszot and RECO for comment.
According to Poliszot, Rexig was founded after operating under the banner of Realty Executives an interview from 2021 with REM. He described his company as “operating like a real estate investment bank,” advising smaller investors – such as medical professionals, lawyers and entrepreneurs – on building real estate portfolios.
Province assesses iPro audit
The enforcement action comes as the Ontario government confirms it has received Dentons Canada’s audit of RECO’s conduct the iPro Realty scandalinvolving alleged misuse of millions in trust funds. Minister Stephen Crawford has said the findings will be made public once his investigation is complete, although no timeline has been given.
Consumers and agents affected by Rexig’s freeze order are encouraged to contact RECO.
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