A Superior Court judge has granted an order to freeze and trace the assets and accounts of iPro Realty ‘s co-founders and their related companies.

In a virtual court hearing on Monday afternoon, Justice William Black told the Real Estate Council of Ontario (RECO), which sought the emergency injunction, that he’ll endorse the order “within the next 24 hours.”

Litigator Andrew Max, representing iPro Realty co-founders Rui Alves and Fedele Colucci at the hearing, unsuccessfully argued that RECO’s application for an order to freeze and trace millions of dollars in missing funds breached an undertaking its registrar had signed with his clients on Aug. 8 to “not take any further administrative action” against them after they diverted $10.5 million from their brokerage’s trust accounts .

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