August 16, 2019
Steve Bailey fined $30,000 for multiple ethical breaches following complaints
Bailey, a former board member of RECO, fought the allegations for more than two years before agreeing that he’d broken multiple sections of the Code of Ethics from Ontario’s Real Estate and Business Brokers Act.
In the first complaint, the broker was accused of arranging a private sale for his parents to buy a home for $200,000 less than its assessed tax value, and $300,000 less than its approximate market value.
The deal was stopped only when the seller’s lawyer raised concerns about the low sale price…
[Read the full story on therecord.com]