Receiver Appointed for Jovi Realty and Lighthouse Realty Trust Accounts

Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.

Gavel, computer, and legal materials in backlit room

BC Financial Services Authority (BCFSA) has secured the appointment of a court-appointed receiver to take control of frozen trust funds held by Jovi Realty and Lighthouse Realty Ltd., marking an important step to protect consumers and ensure trust funds are properly managed and distributed.

D. Manning & Associates Inc. was appointed as the receiver by the BC Supreme Court on April 2, 2026. The appointment follows immediate regulatory action taken by BCFSA in November 2025, when it froze the brokerages’ trust accounts after identifying serious concerns related to alleged trust account mismanagement connected to an ongoing investigation into Balpreet Singh Bal.

Upon learning of the mismanagement, BCFSA acted swiftly to freeze the trust accounts to prevent further risk to consumer and client funds while its investigation continued. The frozen accounts may include funds held on behalf of consumers, such as rental income, security deposits, other client monies or licensee commissions.

BCFSA is committed to protecting consumer funds and maintaining confidence in B.C.’s real estate marketplace. To limit the impact on consumers and ensure real estate transactions and consumer deposits could continue to flow during this period, BCFSA took active steps to process claims through the Special Compensation Fund for affected consumers and landlord clients, helping maintain confidence in B.C.’s real estate system.

The court appointed receiver is an independent third party responsible for taking control of the brokerages’ frozen trust accounts and assessing claims from multiple parties who may have a legal interest in funds held in trust. The receiver will review, reconcile, and distribute trust funds in accordance with legal and statutory requirements.

“Receivership provides a centralized, court supervised process to ensure trust funds are properly accounted for and distributed fairly,” said Chris Biscoe, Director, Compliance and Enforcement Legal at BCFSA. “This is a rare regulatory step and is pursued in circumstances, like these, where evidence points to serious concerns about the management of trust funds.”

The receivership process is complex and may take significant time to complete, due to the nature of the accounting review and the need to assess multiple claims.

While the appointment of a receiver represents the conclusion of BCFSA’s direct administration of the frozen trust accounts, BCFSA’s investigation into the activities of Bal, Jovi Realty, and Lighthouse Realty Ltd., is ongoing. Once the investigation is complete, BCFSA may pursue enforcement action where warranted under the Real Estate Services Act, including seeking administrative penalties.

BCFSA encourages consumers whose funds may be impacted by the freeze order to review the consumer alert available on its website for further information about the receivership process and next steps.

Consumer Guidance

Consumers should continue to work directly with their property manager or brokerage contact for day-to-day property management or transaction related matters. Questions about trust fund distribution will be addressed through the receiver as the court supervised process unfolds.