The claim argues that by taking millions of dollars from the iPro trust accounts, the defendants breached their responsibilities to their lenders.DARRYL DYCK/The Canadian Press
Private lenders are demanding repayment of more than $4-million in loans made to iPro Realty Ltd. and its owners in a court action filed amid allegations that millions went missing from the brokerage’s trust accounts.
The lenders, which include former branch managers of iPro offices, filed a claim in the Ontario Superior Court of Justice on Aug. 20, alleging that owners Fedele Colucci and Rui Alves (along with members of Mr. Alves’s family), iPro and an affiliated company called Hippo Holdings Corporation collected loans dating back to at least 2019.
In loan agreements the cash was described as investments in the operations of iPro, but now the plaintiffs are seeking a court order to freeze assets they allege are the products of a “disgraceful and dishonest” scheme.
Ontario regulator shuts down iPro Realty after finding $10-million shortfall in trust accounts
In a statement to The Globe and Mail, Philip Kocev, one of the plaintiffs and a former branch manager, said he became aware of “unspecified irregularities” in the brokerage’s trust accounts weeks before any public announcement of its financial issues.
The claim was filed six days after it was announced $10.5-million in funds were missing from iPro trust accounts. Since then, there has been a cascade of developments.
After iPro was shut down on Aug. 19, the Real Estate Council of Ontario confirmed it made a deal with the owners that would see them avoid charges or further discipline. It was then announced RECO’s registrar Joseph Richer had left his role as the top regulator of the profession. RECO then froze iPro’s bank accounts and hired outside accounting and legal firms to do a review of the company and the deal. The Ontario Provincial Police subsequently confirmed to media they have launched a criminal investigation into the company.
None of the allegations have been tested in court and none of the defendants have filed a statement of defence. Mr. Alves and Mr. Colucci didn’t respond to requests for comment, and Mr. Alves’s wife, Joselle Alves, declined to comment when reached.
There are seven individuals named as plaintiffs: Haralampophanourios “Rob” Mitzithras, Tereza Mitzithras, Georgios Mitzithras, Perry Staikopoulos, Ted Staikopoulos, Philip Kocev and Linda Kocev. All of the plaintiffs lent money to support the business operations of iPro, which was one of the largest real estate brokerages in Ontario, with 2,400 brokers and salespersons.
Ontario real estate agents report fewer large cash transactions to FinTRAC
At its core, the claim argues that by taking millions of dollars from the iPro trust accounts – actions described as illegal by RECO in its statements about the company’s activities – the defendants breached their responsibilities to their lenders.
“Alves and Colucci knew that their conduct was deceitful, in breach of trust and in breach of their duties as brokers,” reads the claim filed by Nancy Tourgis, lawyer with Solmon Rothbart Tourgis Slodovnick LLP.
According to the claim, the Mitzithras family – husband and wife, Georgios and Tereza, with son Rob – paid Hippo Holdings $1.9-million for an “Investors Agreement” that said the company would be “re-investing the funds in activities including, but not limited to: cash advances of salespeople’s real estate Commissions, mortgages, real estate investments.”
Hippo Holdings was the primary vehicle for cash advance arrangements that allowed salespersons to borrow against future commissions, according to former iPro agents who spoke with The Globe. (There are often months or weeks between a real estate deal and the closing of the transaction when realtors are paid).
Perry Staikopoulos and his brother Ted invested $1.571-million in similar agreements; the interest rates varied but were to pay about 9 per cent a year.
Mr. Kocev through his company 360 Real Estate Management Services Inc., along with his mother, Linda (a long-time realtor with iPro), had a different arrangement, codified as promissory notes worth $600,000 to iPro.
Mr. Kocev and Perry Staikopoulos were also branch managers at iPro – in Toronto and Burlington respectively. According to Mr. Kocev, when he became aware of “irregularities” regarding the trust funds he tried to warn RECO.
“Legal counsel was retained, who contacted RECO on July 13, 2025. The only response received from RECO was that a confidential process was underway,” said Mr. Kocev in an e-mailed statement.
RECO has said, in an e-mailed statement, that it learned of the trust fund issues as early as May 19, but did not inform the public until Aug. 14.
Mr. Kocev is now the broker owner and president of Skybound Realty, and another broker and former branch manager – Anissa Ho, formerly of iPro’s Mississauga office – is the broker of record. Skybound Realty was granted a brokerage licence by RECO on Aug. 12, two days before the public announcement of iPro’s financial issues.
“None of the founders of Skybound Realty had any control, access or visibility into the trust accounts or banking operations of iPro Realty,” Mr. Kocev said. The statement does not explain how he became aware of the issues.
“When the seriousness of the situation became apparent, immediate steps were taken to establish a completely independent brokerage with no ties to iPro Realty – this became Skybound Realty. Management of Skybound Realty have been participating fully and willingly with all regulatory authorities, as we are fully committed to supporting the process.”
There are now 139 realtors at Skybound, mainly drawn from the ranks of former iPro agents, and the new company’s business model is similar to that of iPro in that it charges low per-transaction fees instead of requiring a share of a realtor’s commission on home sales.