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Agent to pay back $95K to homeless woman in failed condo deal

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Ephraim Vecina | 19 Dec 2016, 08:15 AM Agree 0
Agent promises to complete payment by February 2017
  • Halifax | 19 Dec 2016, 10:37 AM Agree 0
    I'm guessing if this guy wasn't called out in the media this woman would be getting nothing. This guy should not be allowed to trade in real estate anywhere ever.
  • Dealmaker | 19 Dec 2016, 10:47 AM Agree 0
    Firstly TREB/OREA should revoke this guys licence for dishonorable conduct. Secondly he should not be given till February to re-pay this loan. Where did the $95,000 go in a boom market? The lady who is owed the money should have a lawyer put a lien on all of the husbands and wife's assets including interest & the bonus payment.

    Its sad in this world that we still have scammers who take people's life savings unlawfully and then make a stupid comment like " I am not a thief". I hope the members of his religious community expell him from their place of worship.
  • KS | 19 Dec 2016, 10:49 AM Agree 0
    Gross professional misconduct, unbecoming of a realtor. It is a beach of ethical and fiduciary responsibility and the agent should be disciplined immediately to deter further betrayal of trust by the public.
  • BHR in Quebec | 19 Dec 2016, 10:56 AM Agree 0
    This guy should be glad he doesn't work in Quebec the OCAIQ would string him up by the ***** and he'd never get his license back. Shameful practice in an industry of professionals not great for our profession.
  • FormerRealtor | 19 Dec 2016, 10:57 AM Agree 0
    This kind of behaviour makes the entire real estate industry look bad. I hope CLEA drops the hammer *after* he has paid back all of the money interest.
  • ontrio | 19 Dec 2016, 11:55 AM Agree 0
    All comments are against the lousy agent. No one mentioned her stupidity for lack of due diligence on her part and the rest of the story that is not mentioned in the article. It is still stupid to string someone on a whim, and all the other comments made above, no comments made on the missing info, but quick to shoot. That is o American, yet it's coming to Canada
  • G | 19 Dec 2016, 12:23 PM Agree 0
    I don't understand this story at all. The lady loaned a Realtor money as a side deal? That isn't part of any real estate transaction I'm aware of. So basically she entered into a private loan agreement with someone who happens to be a Realtor and the Realtor defaulted? That happens all the time. Maybe I missed something or an earlier article. What was the $95,000 going to be used to do? Find a tenant? That's bizarre.

    Not looking to fight just to understand what's going on here. I simply don't understand this article.
  • | 19 Dec 2016, 12:34 PM Agree 0
    I'm with you on this one. Details of why the loan was made and what it had to do with trading in real estate aren't included. I don't see how he can be judge so harshly without knowing the full story.
  • hal | 19 Dec 2016, 04:21 PM Agree 0
    It's called elderly abuse. He knew she was desperate for some additional income and took advantage of it. Remember, he solicited her for this loan not the other way around. He sweetened the deal with $5k bonus and 12% return and promised he would have it back before her condo closed. This is at the very least professional misconduct and at it's worst fraud.
    She not only lost the $95k she also lost the $45k deposit and the additional cost in a booming market to purchase the same condo.
    Her only wrong doing is trusting him because he was a realtor.
  • G | 19 Dec 2016, 05:01 PM Agree 0
    I agree he took advantage of her. I agree his Realtor status may have created more trust than what was warranted (although Realtors are constantly bashed at every opportunity). I don't know that it was elderly abuse, but just abuse and fraud in general. I also don't get why she would easily give up her life savings and I don't know that loan defaults and fraud in general are rare or even uncommon unfortunately.
  • G | 19 Dec 2016, 05:03 PM Agree 0
    I'm not so sure this is a Real Estate Paper article as much as it should be something else. It's a default on a loan article. The titles, and ages of the people involved are almost irrelevant.
  • Disappointed again | 19 Dec 2016, 06:17 PM Agree 0
    More facts are in order to warrant these comments. REP is good a catchy headlines but always short on reporting.
    Was this guy a realtor or an agent? (Agent = brokerage)

    Poor reporting all around.
  • Ed | 19 Dec 2016, 10:16 PM Agree 0
    I find it interesting there are so many different opinions on this matter.
    I think we would agree the Realtor borrowed money for a investment
    opportunity that eventually did not work and he lost the money. If he
    signed a loan document the 'victim' has legal recourse to recover her
    money plus interest and costs. I hope Mr. Smilovici does not qualify
    for bankruptcy and he is forced to settle the debt. Someone in the posts
    mentioned this happens all the time. I agree, however when it is a professional
    person involved such as a licensee the public's view of our profession takes
    another negative hit. I hope the real estate council of Ontario takes disciplinary action
    and Mr. Smiovici has his licence suspended for a long time and is penalized
    with a large fine. I understand he was a licensee with a RE/MAX office and since
    been this correct?
  • Toronto | 20 Dec 2016, 06:05 AM Agree 0
    As a Good Reator, we have to embrace the trust that our clients give us. And when somebody trust you, it's like family, it's like falling in love...we do have to consider that they are trusting us with a lot of money and in some cases their life savings. We are all human at the end, not everybody have a business mentality. Yes, we do get bashed no matter how good we are but this one really deserve the bad name. TREB should discipline those types of conducts so we have one bad apple out of our basket.
  • CareandHonesty | 20 Dec 2016, 10:09 AM Agree 0
    One bad apple? I wish it was that simple lol....The industry is full of these type of characters...Have been in the business over 20yrs and unfortunately these are the infinite qualities of most of the GTA hustlers... The amount of money that can be made in this industry specifically attracts these type of lowlives...RECO slaps these men and women on the wrist that's the true problem....fines don't hinder there actions provoking their licences do! Another aspect would be raising the difficulty of the education process, wherein not every TOM, DICK and HARRY get licensed...my2cents
  • Ontario | 22 Dec 2016, 01:25 PM Agree 0
    Ooooppss, I forgot to put in a word, "at least one bad apple out"! I know there are many more but if RECO and TREB discipline this one, at least one out and more to go! Those types of people will keep going until they get caught...
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