iPro Realty Founders Accused of Deceit in $3.17 Million Loan Scheme, Lawsuit Claims
TORONTO - The founders of now-disgraced iPro Realty are facing allegations of deceit and breach of trust in connection with $3.17 million in loans taken from investors, according to a claim filed by lawyer Nancy Tourgis of Solmon Rothbart Tourgis Slodovnick LLP. The lawsuit alleges that alves and Colucci knowingly engaged in deceptive conduct as brokers.
The claim details how the Mitzithras family – Georgios, Tereza, and their son Rob - invested $1.9 million through an “Investors Agreement” with Hippo Holdings, believing the funds would be reinvested in areas including cash advances to iPro real estate salespersons against future commissions, mortgages, and real estate investments.
Hippo Holdings functioned as the primary vehicle for these cash advances, a practice common at iPro where agents could borrow against anticipated earnings (frequently enough delayed by weeks or months between a deal and final payment). Perry Staikopoulos and his brother Ted invested a further $1.571 million under similar agreements, at an interest rate of approximately 9 per cent annually.
A separate arrangement involved Mr. Kocev, through his company 360 Real Estate Management services Inc., and his mother Linda (a long-time iPro realtor), who were owed $600,000 via promissory notes from iPro. Both mr. Kocev and Perry Staikopoulos held positions as branch managers at iPro - in Toronto and Burlington respectively.
According to Mr. Kocev, he attempted to alert the Real Estate Council of Ontario (RECO) upon discovering “irregularities” regarding the trust funds.”Legal counsel was retained, who contacted RECO on July 13, 2025. The only response received from RECO was that a confidential process was underway,” he stated in an emailed statement.
RECO, however, claims it became aware of the trust fund issues as early as May 19, but did not publicly disclose the information until August 14.
In the wake of the iPro scandal, Skybound Realty was established, with Mr. Kocev now serving as broker owner and president, and Anissa Ho (formerly of iPro’s Mississauga office) as broker of record. Skybound Realty received its brokerage license from RECO on August 12, just two days before the public proclamation of iPro’s financial difficulties.
Mr. kocev maintains that ”None of the founders of Skybound Realty had any control, access or visibility into the trust accounts or banking operations of iPro Realty,” and that Skybound was created as a entirely independent entity. He added that Skybound’s management is “participating fully and willingly with all regulatory authorities.”
Skybound Realty currently employs 139 realtors, largely comprised of former iPro agents, and operates on a similar low-fee business model, eschewing traditional commission-sharing arrangements.The statement from Mr.Kocev does not detail how he initially became aware of the alleged irregularities at iPro.
