The claim argues that by taking millions of dollars from the iPro trust accounts, the defendants breached their responsibilities to their lenders.

Private lenders are demanding repayment of more than $4-million in loans made to iPro Realty Ltd. and its owners in a court action filed amid allegations that millions went missing from the brokerage’s trust accounts.

The lenders, which include former branch managers of iPro offices, filed a claim in the Ontario Superior Court of Justice on Aug. 20, alleging that owners Fedele Colucci and Rui Alves (along with members of Mr. Alves’s family), iPro and an affiliated company called Hippo Holdings Corporation collected loans dating back to at least 2019.

In loan agreements the cash was described as investments in the operations of iPro, but now t

See Full Page