A Mississauga real estate brokerage has been shut down due to financial mismanagement, affecting 2,400 agents.

The Real Estate Council of Ontario (RECO), the real estate agent and brokerage regulator, finalized an undertaking with iPro Realty Ltd. that will see the windup and closure of the brokerage and all of its branches effective Aug. 19.

At the time of a scheduled inspection, a total shortfall of more than $10 million was identified in iPro’s consumer deposit and commission trust accounts, although the amount has declined to less than $8 million at this time, said Joseph Richer, RECO’s registrar.

RECO hasn’t confirmed the number of consumers or agents whose deposits or commissions are affected, and they don’t know the number of active transactions, he added.

“This is a serious bre

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