BCFSA Issues Urgent Orders, Freezes Trust Accounts Over Alleged Misconduct by Balpreet Singh Bal and Related Brokerages

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BC Financial Services Authority (BCFSA) has issued urgent orders against Balpreet Singh Bal and the real estate brokerage Fraseridge Realty Ltd. (operating as Amex-Fraseridge Realty) suspending them from providing real estate services. BCFSA has also issued freeze orders for Fraseridge Realty Ltd. (operating as Amex-Fraseridge Realty), Bal Realty Services Incorporated, Jovi Realty and Lighthouse Realty Ltd. The orders freeze the accounts, including trust accounts, for all four brokerages.

BCFSA has published a consumer alert for individuals who may have deposited funds with Bal’s companies or have funds in trust at Jovi Realty or Lighthouse Realty. Consumers of these brokerages should contact their real estate licensee if they have questions on the impact of the freeze orders.

Details of Urgent Orders Against Bal and his companies

BCFSA has frozen the accounts of Bal’s brokerages to proactively ensure that trust funds are preserved while it continues its active investigation.

BCFSA’s investigation of Bal relates to:

Mishandling of trust funds;
Deceptive dealing;
Failing to maintain brokerage records; and
Offering mortgage and investment services without registration.

Consumers whose funds are impacted by the freeze orders may be eligible for support through the Special Compensation Fund, which provides financial protection to consumers who suffer losses due to licensee misconduct. BCFSA will expedite the application process for any impacted consumers to ensure timely assistance.

Real estate licensees working under Jovi Realty and Lighthouse Realty Ltd. may continue providing real estate services and can provide advice to their clients regarding any funds they may have in trust at the brokerage. BCFSA is communicating directly with licensees at the impacted brokerages to ensure they can effectively support their clients during this time.

BCFSA’s investigation into Bal’s activities is ongoing. Once complete, BCFSA will pursue penalties for any contraventions of RESA.  

Under RESA, the maximum financial penalty is $250,000 for individuals and $500,000 for corporations; these penalties can be assessed per contravention.