Permanent suspension of the involved agent's certificate - Victims of real estate fraud awarded compensation totaling close to $140,000



    BROSSARD, QC, June 20 /CNW Telbec/ - Condominium buyers who were the
victims of real estate fraud have been awarded compensation totaling close to
$140,000 in a decision rendered by the Fonds d'indemnisation du courtage
immobilier. Amounts ranging from $1,000 to $11,000 have been granted in 24
cases of fraud committed by the same individual, Eric Cliche, whose real
estate agent's certificate was permanently revoked following a decision by the
Discipline Committee of the Association des courtiers et agents immobiliers du
Québec (ACAIQ) pertaining to the same events.
    In this case of misappropriation of funds, a real estate developer had
engaged the services of this agent to sell condominium units under
construction in Montreal. Under the agreement, the agent was responsible,
among other things, for drafting the offers to purchase and collecting
deposits on behalf of the seller.
    However, in every case reviewed, the agent also obtained, under false
pretenses, money or cheques made out to his own company. When the time came to
close the transaction, the buyers discovered the fraud given that the promoter
had never received the money.

    Decision of the ACAIQ's Discipline Committee

    Following these events, the real estate agent was suspended by the
ACAIQ's Discipline Committee, which hears all disciplinary complaints filed by
the syndic.
    "In cases like this, severe and exemplary disciplinary sanctions ensure
the protection of the public", declared Robert Nadeau, President and CEO of
the ACAIQ. "In this matter, elements of proof prompted the Discipline
Committee to order the immediate and permanent suspension of the agent's
certificate".

    Recourse with the Fonds d'indemnisation du courtage immobilier

    "Reported cases of fraud committed by real estate brokers and agents in
Québec are very rare," says Me Paul Mayer, Chairman of the Board of the Fonds
d'indemnisation du courtage immobilier. "However, examples like this prove
that the dishonest actions of a single individual can lead to important losses
for property sellers and buyers. Our work consists in indemnifying victims
every time it is justified and when the fraud can be proven."

    About the Association des courtiers et agents immobiliers du Québec

    The Association des courtiers et agents immobiliers du Québec (ACAIQ) is
responsible for overseeing real estate brokerage in Québec. Its mission is to
protect the public by supervising the professional activities of close to
16,000 real estate brokers and agents practicing in Québec, in accordance with
the Real Estate Brokerage Act. More information on the ACAIQ and the decisions
rendered by the Discipline Committee is available on the ACAIQ's website at
www.acaiq.com.

    About the Fonds d'indemnisation du courtage immobilier

    The Fonds d'indemnisation du courtage immobilier is an organization
established in 1985 in accordance with the Loi sur le courtage immobilier
(Real Estate Brokerage Act). Its mission is to indemnify victims of a fraud, a
dishonest transactions or a misappropriation of funds or other property which,
under the Act, must be deposited in a trust account, in the context of a real
estate transaction brokered by a real estate broker or agent. The maximum
indemnity payable by the Fonds d'indemnisation is $15,000 for each brokerage
transaction for which a claim is made. So far in 2007, 40 claims have been
reviewed and 28 have been awarded compensation, for a total of $175,000.

    More information on the Fonds d'indemnisation du courtage immobilier is
available on its website at www.indemnisation.org.




For further information:

For further information: Pierre Nadeau, Dyade Communication, (514)
866-5556, extension 262, (514) 554-4557 (cell.); Sources: Association des
agents et courtiers immobiliers du Québec, Fonds d'indemnisation du courtage
immobilier

Organization Profile

ASSOCIATION DES COURTIERS ET AGENTS IMMOBILIERS DU QUEBEC

More on this organization

FONDS D'INDEMNISATION DU COURTAGE IMMOBILIER

More on this organization


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