The British Columbia Financial Services Authority (BCFSA) has cancelled the real estate licences of Andre Zubko and his personal real estate corporation and ordered him to pay CAD 627,000 in discipline penalties and enforcement expenses. The sanctions follow findings that he acted against his clients’ best interests to obtain commissions exceeding his entitlements under listing agreements.
In some cases, Zubko arranged sales of clients’ properties below market value to close acquaintances, who then profited by assigning the contracts. The findings included professional misconduct, deceptive dealing and conduct unbecoming, as well as dishonesty and failure to cooperate during BCFSA’s investigation.
The financial sanctions comprise CAD 320,000 in discipline penalties relating to eight property transactions, including CAD 35,000 for remuneration Zubko received, and CAD 307,000 in enforcement expenses. Four transactions preceded 2016 amendments to the Real Estate Services Act that increased maximum misconduct penalties. Those transactions were subject to the former maximum penalty of CAD 10,000.