Ontario’s real estate regulator has announced a new corporate structure and a new executive team amid concerns about its handling of the iPro Realty scandal.
The announcement on Thursday comes after the Ontario government took control of the Real Estate Council of Ontario (RECO) in late 2025 and appointed Jean Lépine to take on the role of acting CEO.
The scandal unfolded when RECO found on May 19 that the co-founders of iPro Realty allegedly used about $8 million from trust accounts that were meant to be used for down payments and realtor commissions and instead set aside the funds for operating expenses and payments to investors.
However, the regulator did not move to shutter the firm and freeze its assets until August.
An audit, which was undertaken after the scandal came to light, found the board was not notified of the iPro issues until Aug. 10, two days after an agreement with its principals was executed.
Lépine announced in a news release that the changes include the establishment of eight transformation initiatives for 2026, a new corporate structure, and a new executive team.
Brenda Buchanan, announced her resignation in mid-December and her last day in the role was Dec. 31.RECO’s former CEO,
“These initiatives represent significant and bold change, and it’s very clear that we need to prioritize meaningful and consistent engagement with our stakeholders, including the real estate services sector and consumers,” Lépine said in the news release.
“I have been impressed by the insights, ideas, and collaboration to date in some of my first sessions and look forward to continuing this work in the coming weeks and months.”
The regulator said Emilee Escobar will be the new chief strategy and corporate officer and Samantha Pinto will be the new chief regulatory modernization officer. They both will report directly to Lépine starting Jan.19.
The regulator said it will also soon announce a new chief people, culture and technology officer. The currently also have Arshad Zaver working as the acting chief financial officer.
“I am delighted to have recruited great people who want to do great things to unlock RECO’s potential,” Lépine said.
“As an executive team, we will hold ourselves accountable for delivering on this ambitious action plan. Together, we are driving change, earning trust, and setting the foundation for a stronger, more modern, mandate-focused organization. We will lead with action, not words.”
The eight major transformation initiatives include a cultural renewal plan, a regulatory modernization plan, a stakeholder engagement strategy, a digital and technology modernization roadmap, a financial sustainability strategy, a renewed governance approach, a public awareness campaign and a new strategic plan for 2027 to 2030.
The news release stated that RECO will “continue to provide regular and transparent updates on its progress on each of these initiatives.” It added that to achieve the targets would require the new structure and executive team.
“RECO will advance eight key initiatives that, taken together, will form a comprehensive plan that will drive the organization’s focus for 2026,” Lépine said.