National News

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.