The Real Estate Council of Ontario (RECO) has frozen the bank accounts of Reio Realty Ltd.  in Niagara Falls, Ont.

RECO says freeze orders are invoked, when required, to prevent funds from being withdrawn from a brokerage’s accounts, in order to protect consumer deposits.

“A RECO inspection revealed irregularities in the finances of Reio Realty Ltd., and the matter is being investigated further,” says RECO in a public advisory. “Additional action may be taken and information will be made available through RECO’s website.”

Co-operating brokerages for trades in which Reio Realty holds the deposit and/or are owed commissions by Reio Realty, should contact Jeremy Meuris (416) 207-4841; toll free 1-800-245-6910, ext. 4841; Email [email protected]

Employees of Reio Realty with questions about commissions should contact the claims adjuster for RECO’s insurance program: ClaimsPro LP toll free: 1-877-740-1913; email: [email protected]

Home buyers and sellers with questions about the impact of the freeze order, including whether a pending sale or purchase will be completed on time, should contact Dipak Parmar (416) 207-3118;  toll free 1-800-245-6910, ext. 3118; email: [email protected]

For more information about freeze orders, click here.