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Consent Order
- Licensee
- Michael Roney, Michael Lester Roney
- Brokerage at Time of Sanctioned Activity
- Current Brokerage
- dba MLR Real Estate Services, Vancouver
- Consent Order Date
- 12 February 2016
Summary
Michael Lester Roney, in his capacity as a brokerage, failed to maintain proper books, accounts, and other records in accordance with the Council Rules. He failed to prepare and retain financial records in connection with the operation of the brokerage. He failed to prepare and maintain the requisite bank statements, bank reconciliations and general ledgers for either the trust or general accounts. He failed to retain all banking records relating to account transactions, including bank statements, cancelled cheques and other documents related to deposits and withdrawals. He failed to prepare and retain monthly bank reconciliations in the required time period of five weeks after the end of month; and he failed to prepare and retain a list of all trades in real estate, including leases, in which the brokerage was involved during the year.
These failures were contrary to section 25 of the Real Estate Services Act and sections 8-1, 8-2 and 8-4 of the Council Rules.
Michael Lester Roney, in his capacity as a managing broker, failed to be in active charge of the brokerage. He failed to ensure that the trust account and records of the brokerage were maintained in accordance with the Act, regulations, rules and bylaws, and he failed to ensure proper management and control of the books and records of the brokerage, in accordance with the Act, regulations, rules and bylaws. These failures were contrary to sections 3-1(1), 3-1(3)(a) and 3-1(3)(b) of the Council Rules.
In his capacity as a managing broker, Mr. Roney failed to disclose to his client in writing the source, amount and all other relevant facts relating to remuneration that he received, or anticipated receiving, directly or indirectly, other than from his client. This was contrary to section 5-11 of the Council Rules.
Results
A discipline committee of the Council has ordered that Michael Lester Roney dba MLR Real Estate Services:
- is reprimanded;
- must pay a discipline penalty of $2,500.00 to the Council;
- must pay enforcement expenses of $1,500.00 to the Council.