Licences of Point Grey Properties Inc., managing broker suspended after complaint
Derrick Penner
Sun
The Real Estate Council of British Columbia has suspended the licences of Point Grey Properties Inc. and managing broker Stephen Edward Le Sage, and has frozen the firm’s bank accounts for failing to account for money held in trust on behalf of rental-property clients.
Anthony Cavanaugh, the Real Estate Council’s communications and privacy officer, said Point Grey Properties failed to file its annual accounting report on the firm’s trust accounts by the Dec. 31, 2005 deadline, as well as by an extension deadline of Jan. 15.
Cavanaugh said Le Sage was facing a hearing before the Real Estate Council over the missing report when a Point Grey Properties client filed a complaint with the council over alleged non-payment of rental income.
He added that the council issued the order to suspend Le Sage and Point Grey Properties’ licences after the complaint and pending a hearing into the matter.
The Real Estate Council’s suspension order states that “the length of time required to complete an an investigation . . . would be detrimental to the public interest.”
“The matter is still actively under investigation, but the council does not have any tolerance for tampering with trust monies,” Cavanaugh said. “The consequences are significant, as evidenced by this suspension order.”
There was no answer at Point Grey Properties when a Vancouver Sun reporter telephoned the company on Thursday. Le Sage did not return voice messages.
Cavanaugh said the Real Estate Council on Thursday appointed a receiver to oversee Point Grey Properties’ trust accounts and sort out the “money trail.”
The receiver’s job will be to examine what money has been paid into the trust accounts and what has been paid out. Cavanaugh said if it is determined that clients have not received money that is rightfully theirs, that will be paid out also.
“It’s just so there’s an orderly way of handling the financial records of the brokerage by an independent party,” he added.
Cavanaugh said clients will be protected from potential losses by the B.C. Real Estate Compensation Fund.
Cavanaugh did not know how much money was involved in the complaint. He also did not have a complete list of Point Grey Properties’ clients.
The council wants Point Grey Properties clients to call their offices at 604-683-9664.
© The Vancouver Sun 2006
