A New Brunswick real estate agency is accused of repeatedly breaching the province's Real Estate Agents Act. The Financial and Consumer Services Commi.
A Quispamsis man is facing allegations of unlicensed real estate, mortgage brokering and investment activity by the Financial and Consumer Services Commission.
FCNB is seeking cease and desist orders as well as financial penalties against John Albert McKellar and 668054 N.B. Ltd.
McKellar is accused of coordinating the sale of two Saint John homes and charging two homeowners $3,000 for his services without a licence.
It is also alleged that he solicited thousands of dollars from a senior on a fixed income to invest in a business.
The commission said it began an investigation after a complaint involving McKellar’s activities in a 2016 real estate transaction.
James Langton
The New Brunswick Court of Appeal has overturned a ruling by the province’s Financial and Consumer Services Tribunal, restoring an Investment Industry Regulatory Organization of Canada (IIROC) disciplinary decision against a former rep.
In 2016, an IIROC hearing panel found that a rep, Robert Adrian Crandall, violated IIROC rules. Crandall was banned by IIROC for five years and ordered to pay a $150,000 fine, among other sanctions.
Crandall appealed the decision to the Financial and Consumer Services Tribunal, arguing that the case against him was unfair, as the alleged violations had occurred at Crandall’s previous firm, National Bank Financial Inc. (NBF), and he didn’t have access to documents from that time to support his defence.