allegations that Save Max has disputed<\/a>.<\/p>\nThe board says funds held in trust for real estate sales were instead used for loan payments, property management fees, taxes, credit card balances and vendor services.<\/p>\n
Save Max and the city inked a 15-year $2,512,500 sponsorship deal in 2020 for\u00a0 exterior naming rights. Listings on the city\u2019s website show sponsorship and name rights opportunities for the Brampton Soccer Centre field and gymnasium.<\/p>\n
The city didn\u2019t specifically say whether the sponsorship was terminated due to the allegations against Save Max, but says signage updates and online references are currently underway.<\/p>\n
Between 100 to 150 active Save Max listings were frozen by the RECO, and some 400 registered real estate salespeople left brokerages across the broader Save Max network following the freeze.<\/p>\n
But the RECO has agreed to lift the freeze if strict conditions are met, including assigning a third-party monitor to oversee the management of two accounts, and the suspension of Raman Dua, Save Max\u2019s broker of record and sole director.<\/p>\n
Suspensions are also still in place for Nidhi Dua (broker of record of Save Max First Choice Real Estate Inc.), Save Max First Choice Real Estate Inc., Save Max Supreme Real Estate Inc., and Save Max Ace Real Estate, the RECO says.<\/p>\n
\u201cThe Freeze Order pertaining to Save Max Real Estate Inc.\u2019s Commission Trust Account continues to apply until a comprehensive audit is completed to RECO\u2019s satisfaction,\u201d the council said in March.<\/p>\n
Lawyers for Save Max filed an appeal of the freeze, admitting investigations by the RECO did find \u201cincorrect disbursements,\u201d but claim most were \u201creversed promptly within 30 days \u2013 a number of them within 24 to 48 hours, and one within a matter of minutes.\u201d<\/p>\n
The largest of the disputed transactions was a transfer of $700,000, which was \u201creversed the next day,\u201d according to the appeal.<\/p>\n
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