The man who cut a deal with two realtors who illegally took more than $10 million from their brokerage’s trust accounts has lost his job.

A day after the Star broke the news that Joseph Richer, long-time registrar at Ontario’s real estate regulator, had agreed not to charge or fine iPro Realty’s co-founders for taking an unprecedented amount from the company’s trust accounts, the head of the Real Estate Council of Ontario (RECO) issued a statement that stunned many in the industry.

“With the support of RECO’s board of directors, I have acted and effective August 22, Mr. Joseph Richer, the Registrar appointed under the Trust in Real Estate Services Act, 2002, has left RECO,” said Brenda Buchanan, the regulator’s CEO.

“This is the biggest mismanagement of funds in the Ontario regulator’s

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