A Victoria-based commercial real estate company has had its licence suspended following accusations it moved money from a client’s trust account without authorization.
The Real Estate Council of B.C. announced September 12 it had suspended the real restate licence of Diversified Properties Ltd. two days earlier.
The decision comes after Diversified Properties did not respond to the council’s orders to cover shortages left in a trust account after a client reported unauthorized withdrawal of funds.
According to its website, Diversified Properties has provided property management, construction, leasing, sales, facilities and asset management services to clients in Victoria for nearly 25 years.
“Diversified Properties Ltd. is prohibited from providing real estate services to or on behalf of any member of the public as a result of this order,” the council said in a statement.
The suspension is indefinite.
Multiple calls to Michael Smith, president of Diversified Properties Ltd., were not returned to Business in Vancouver by press time.
