Toronto, ON – The Real Estate Council of Ontario (RECO) has ordered a $23,000 fine and mandatory ethics training for broker Pinakin Sureshbhai Patel after finding he submitted a false document to support a mortgage application. RECO anonymized some of the information in the case to protect the privacy of other persons and/or companies.
According to an agreed statement of facts, Patel was registered as a broker with Brokerage A when he represented both the sellers and buyers in a February 2022 real estate transaction for a property in City A. The buyers made an offer that was accepted the same day, providing a $25,000 deposit.
On April 12, 2022, Patel emailed the buyers a pre-filled “gift letter” stating they were being gifted $50,000 by a person identified as the buyer’s sister. The letter included a name and signature purporting to be that of the donor. In reality, the buyers did not know the named individual and were not related to them. Patel instructed the buyers to sign the document and return it to him, after which it was used in a mortgage application.
RECO found that Patel’s conduct breached multiple provisions of the Code of Ethics under the Real Estate and Business Brokers Act, 2002. These included requirements to treat all parties fairly and honestly, act in the best interests of clients, provide conscientious and competent service, prevent fraud or misrepresentation, and avoid unprofessional conduct.
Under the agreed penalty, Patel must pay the $23,000 fine by April 4, 2025, and successfully complete the Real Estate Institute of Canada’s “Ethics in Business Practice” course by the same date, providing proof of completion to RECO within 60 days. The case was resolved without a formal hearing, as both parties agreed to the facts and penalty.
The decision was released on April 26, 2024.
