Reco lands judicial order to freeze the assets of the iPRO founders

Real Estate Council from Ontario (Reco) was successful in obtaining various judicial orders in a hearing Monday, which the assets of the founders of Ipro Realty’s Ltd. freezes and one day fede Colucci and Rui Alves gave to add their expected living and legal costs.

Justice William Black of the Ontario Superior Court of Justice has virtually heard the case. Reco strives for iPro for Remove and abuse Consumer deposits and agent committees that are kept in confidence.

Reco said in his original court request that it is trying to trace the flow of trust funds that have been diverted and to return to the trawlings from which they were taken.

ipros 17 offices are switched off on August 19, with 2,400 agents, after the discovery of $ 10.5 million is missing of the trust accounts of the brokerage. The total missing amount is now closer to $ 6.5 million, because the brokerage assets were sold to iCloud Realty for $ 3 million.

The orders of Justice Black specifically include one Mareva command, or a freezing order, which prevents the respondents from moving assets before the case is resolved.

According to a separate order, the former IPRO clients can request an order that contain the amount of the funds that they are entitled to “normal costs of living and legal advice and representation”.

Norwich Relief was also ordered that banks forces to deliver all the records related to the assets and accounts of the respondents.

The list of respondents includes companies that are Colucci, Alves or both directors, including: IP Holding Realty Ltd., Hippo Holdings Corporation, Sutton Group Professional Real Estate Services Inc., Alco Motors Ltd. and Alco Rent-a-car Ltd.

In total, roughly $ 30 million in funds That should have been held in confidence, instead were sent to the general account of the company or elsewhere, according to the court applications.

For more information, find judicial documents related to the case here.