Ontario Provincial Police Investigating IPro Realty Scandal

Ontario Provincial Police Investigating IPro Realty Scandal
News| September 3, 2025| Monte Stewart
Canada + Apartment Buildings

The Ontario Provincial Police has launched an investigation into the iPro Realty scandal.

The OPP has confirmed to multiple media outlets that it is probing the shuttered company. The Real Estate Council of Ontario forced the closure in August following the illegal disbursal of $10.5 million in agent commissions and consumer deposits from the brokerage’s trust accounts. RECO previously announced that iPro repaid $3 million of that total.

The OPP has stated that it commenced the investigation after being asked to do so, but did not disclose the source of the request.

“To protect the integrity of the investigation, we are unable to provide further details at this time,” OPP spokeswoman Erin Cranton told the The Toronto Star on Tuesday evening.

She noted that not all allegations result in criminal charges, and an investigation is required to assess the facts and determine if the threshold for a criminal offence is met.

RECO determined in May that iPro co-founders Rui Alves and Fedele Colucci illegally disbursed the funds. RECO froze iPro’s trust accounts and facilitated the transfer of 2,400 employees to iCloud Realty, but only disclosed the breach publicly in August.

The regulator has faced mounting criticism for its handling of the case. While RECO has authority to impose fines or charges, it allowed Alves and Colucci to voluntarily terminate their registrations last month. Days later, RECO registrar Joseph Richer left his position.

Brenda Buchanan, CEO of RECO, said previously that she took action that led to Richer’s departure.

Agents affected by the scandal have staged protests demanding lost commissions, which in some cases ranged from $30,000 to $150,000. The regulator has directed them to pursue compensation through the industry’s insurance program, which has a $4-million cap.

The Ministry of Public and Business Service Delivery, which oversees RECO, has not yet commented on the OPP’s involvement.

Photo: iPro Realty

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