On February 3, 2026, the Real Estate Council of Ontario (RECO) launched a major regulatory strike against four Save Max brokerages in Mississauga. Following a forensic review, the regulator discovered that approximately $2.7 million in consumer deposits had been “unlawfully disbursed” and used to cover the brokerages’ private business expenses.
This action comes amidst a broader crisis for RECO, which is currently under the management of a government-appointed administrator following the iPro Realty scandal of 2025.
According to RECO’s investigation, the brokerages engaged in a “kiting-style” misuse of trust funds:
- The Breach: $2.7 million was funneled out of Real Estate Trust Accounts to pay for loan payments, taxes, credit card balances, and vendor fees.
- The Concealment: To avoid detection during mandatory monthly reconciliations, the funds were typically “replaced” just before month-end.
- Targeted Entities: While other Save Max locations were found to be compliant, the following four branches (all located at 1550 Enterprise Rd., Mississauga) were hit with immediate sanctions:
- Save Max Real Estate Inc.
- Save Max First Choice Real Estate Inc.
- Save Max Supreme Real Estate Inc.
- Save Max Ace Real Estate.
Regulatory Actions Taken
| Action | Impact |
| Immediate Suspensions | Raman Dua and Nidhi Dua have had their licenses suspended effectively immediately. |
| Freeze Orders | Bank accounts for the four brokerages are frozen to prevent any further withdrawals. |
| Proposal to Revoke | RECO is moving to permanently strip these brokerages and individuals of their registration. |
| Police Notification | The findings have been referred to the Peel Regional Police for potential criminal investigation. |
What This Means for You
If You Are a Buyer or Seller:
If your deposit is held by one of these four brokerages, you cannot access it directly through the firm.
- Insurance Claim: You must file a Consumer Deposit Insurance claim through RECO to recover your funds.
- Current Deals: Contact your lawyer immediately to discuss how to proceed with any pending closings.
If You Are an Agent (Registrant):
Approximately 400 agents are affected by these suspensions.
- Unpaid Commissions: You must file a Commission Protection Insurance claim to recover any money owed to you.
- Transferring Licenses: Affected agents will likely need to move their registration to a different, compliant brokerage to continue practicing.
A Pattern of Instability?
The Save Max case is the latest in a series of trust account failures that have rocked the Ontario real estate industry:
- iPro Realty (2025): ~$10 million missing, leading to the resignation of RECO’s CEO and government intervention.
- HomeLife Today (2025): ~$580,000 shortfall.
- Save Max (2026): $2.7 million misappropriated.
Industry critics, including the Ontario Real Estate Association (OREA), are calling for RECO to be folded into a more powerful financial regulator like FSRA (Financial Services Regulatory Authority) to ensure better auditing and consumer protection.
