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Consent Order
Consent Order
- Licensee
- Ian Houghton, Ian David Houghton
- Brokerage at Time of Sanctioned Activity
- Pacific M&A and Business Brokers Ltd.
- Current Brokerage
- Pacific M&A and Business Brokers Ltd., Vancouver
- Consent Order Date
- 18 October 2017
Summary
Ian David Houghton, Pino Leone Bacinello and Pacific M&A and Business Brokers Ltd. each conducted themselves in a manner which was unbecoming a licensee when they misled clients who were selling shares in a business as to the applicability of the Real Estate Services Act in their transaction.
They each did not disclose to the sellers that the Real Estate Services Act did not apply to the transaction, and that the funds held in the brokerage trust account were not held according to the provisions of the Real Estate Services Act.
Results
A discipline committee of the Council has ordered the following:
- Mr. Houghton, Mr. Bacinello and Pacific M&A and Business Brokers Ltd. are each reprimanded.
- Mr. Houghton must pay a discipline penalty to the Council of $1,000.00.
- Mr. Bacinello and Pacific M&A and Business Brokers Ltd. are equally responsible for paying a discipline penalty of $4,000.00 to the Council.
- Mr. Houghton, Mr. Bacinello and Pacific M&A and Business Brokers Ltd. are equally responsible for paying enforcement expenses of $1,250.00 to the Council.