Agency, owner lose license in ethical scandal

by Jill Gregorie27 Jan 2016
The Financial and Consumer Services Commission has invalidated licenses for the New Brunswick-based Town & Country Market Realty Ltd (TCMR) after determining that the agency violated a number of provisions in the Real Estate Agents Act.
 
In particular, K. Walter Moore is charged with a number of breaches relating to a trust account, including the failure to deposit finances directly into the trust and removing money from the fund to compensate for business expenses.
 
The regulatory body provided Moore, the owner and manager of TCMR, the opportunity to speak in defense of his actions, but he failed to appear. As a result, the director nullified the licenses for Moore and his agency, citing consumer safety.
 
"The Real Estate Agents Act is very clear on the obligations surrounding trust funds, and the commission's role is to protect consumers by ensuring compliance with the act," commission CEO Rick Hancox said in a statement.
 
The director also directed TCMR to deactivate its website and inform the commission of all unresolved listings and closings.
 
Both Moore and TCMR can appeal the decision, and consumers who are clients of the agency are encouraged to contact it with any questions or concerns they may have.

COMMENTS

  • by Mike MacLean 1/31/2016 4:20:10 PM

    in 1987 I was a Realtor with an independent real estate office in Calgary when the Police walked in and shut the office down arresting the owner/manager which resulted in a lenghty jail sentence for trust fraud and much more. After he got out of jail the Calgary Real Estate Board gave him his licence back!!!! I was stunned seeing how 80 plus Realtors lost over a million dollars in commissions. In Alberta if your office goes under because of fraud none of the Realtors associated with the guilty brokerage don't get the good fortune of having their commissions insured. Twenty nine years later I still feel this is not fair to the Realtors. Just before Christmas 2015 Royal Lepage Foothills collapsed affecting 165 Realtors and now there are rumours those Realtors are going to loose commissions as well. I thing the industry needs to change so that unless the Realtor is directly responsible for the fraudualant act their commissions should be insured.

    Mike MacLean
    RE/MAX Real Estate (Cental)
    Calgary

    Ps

    Hopefully the Realtors with this Brokerage won't loose the commissions they work so hard for.

  • by challenger 1/31/2016 10:28:50 PM

    Commissions are protected if you are in Ontario!

  • by Radha Nagarajah 2/2/2016 9:19:11 AM

    It is unfortunate that these 'bad apples' get their licences back. Only the other day, I noticed a Broker in Ontario whose licence was revoked by RECO a few years ago was back on the band wagon as a listing agent retaining his Broker title! I was stunned! In my opinion, when integrity and ethics are compromised, there should never be a 2nd chance. A leopard new changes it's spots!

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