The Real Estate Council of Ontario (RECO) found considerable shortfalls in the brokerage’s trust account and other bank accounts during a routine inspection in January 2012. At that time, RECO suspended Brekland’s registration and moved to revoke its registration entirely.
RECO also laid charges against Brekland’s owner, Jason Laramee, and its broker of record, Matthew Cappuccitti, under the Real Estate and Business Brokers Act, 2002 (REBBA 2002).
“RECO works diligently to protect consumers who engage in real estate transactions,” said Joseph Richer, RECO’s Registrar. “This fine will serve as a deterrent to others who would violate the regulations. But it’s important to remember that this kind of misconduct is extremely rare, and the vast majority of Ontario’s brokerages, brokers and salespersons comply with the law.”
Laramee is also facing criminal charges related to misconduct and fraud through a second business, RBL Capital, which accepted some $9 million in investments from 71 unsecured creditors.
For his part, Cappuccitti was fined a total of $32,500, plus a victim surcharge of $8,125.
RECO has a consumer deposit insurance program, which ensured that no consumers who worked with Brekland Realty are out of pocket.
Mississauga, Ont.-based Brekland Realty, also known as Monster Realty Corp., plead guilty to charges related to the improper handling of its real estate trust account, leading to a $600,000 fine by RECO.