Paul Poliszot, 2021 (supplied)
The Real Estate Council of Ontario (RECO) has issued an order to freeze the bank accounts of Oakville, Ont.-based Rexig Realty Investment Group. The regulator has also issued a proposal to revoke the registrations of both the brokerage and Broker Paul Poliszot, the brokerage’s director and president.
The measures, announced Oct. 30 under the Trust in Real Estate Services Act, 2002 (TRESA), are intended to protect consumer deposits. RECO says the freeze order prevents funds from being withdrawn from the brokerage’s bank accounts. It uses freeze orders “when necessary” to ensure that money held in brokerage accounts is not at risk of being misused.
Rexig, which employs 10 agents according to the regulator, remains open. RECO says the broker of record will oversee remaining transactions and facilitate the transfer of agents and active listings to other brokerages.
Appeal process
A proposal to revoke registration is issued when the Registrar believes a brokerage or registrant is not entitled to registration. The decision can be appealed within 15 days. If no appeal is filed, Rexig and Poliszot’s registrations will be terminated, and they will no longer be permitted to trade in real estate.
Real Estate Magazine has reached out to Poliszot and RECO for comment.
Poliszot founded Rexig after operating under the Realty Executives banner, according to a 2021 interview with REM. He described his firm as working “much like a real estate investment bank,” advising smaller investors — such as medical professionals, lawyers and entrepreneurs — on building real estate portfolios.
Province reviewing iPro audit
The enforcement action comes as the Ontario government confirms it has received Dentons Canada’s audit into RECO’s handling of the iPro Realty scandal, which involved the alleged misuse of millions in trust funds. Minister Stephen Crawford has said the findings will be made public once his review is complete, though no timeline has been given.
Consumers and agents affected by the Rexig freeze order are encouraged to contact RECO.
