The Real Estate Council of B.C. gave a laughably low fine to a realtor caught operating unethically.
A realtor caught breaching the duty to his client was initially fined $1,000 by the Real Estate Council.
Allegations against Geoffrey Stephenson and his companies, GreyFriars Realty & GreyFriars Mortgage Investment Corp, based in Langley began in 2007, when Stephenson acted as a realtor and a lender to the plaintiff through his companies.
The plaintiff’s mortgage term was about to expire.
The court found that Stephenson did not disclose key information several times and aimed to sell the plaintiff’s home as quickly as possible, rather than for the highest price possible, all in order to minimize potential losses to his other company, which had loaned the money.
The judge said Stephenson also withheld offers.
On the Steele and Drex Show, lawyer with Hanson & Company John Green, calls the initial fine laughable.
“it shows how conflicted the real estate council really was, I mean if that kind of conduct had happened by a lawyer at a law society, you would definitely be looking at a suspension.”
The judge awarded $25,000 in damages for Stephenson to pay, noting that the original fine was totally insignificant.