The British Columbia Financial Services Authority (BCFSA) issued a consumer alert announcing urgent orders suspending Balpreet Singh Bal and Fraseridge Realty Ltd (operating as Amex-Fraseridge Realty) from providing real estate services, alongside freeze orders against four brokerages’ accounts, including trust accounts. The freeze orders apply to Fraseridge Realty Ltd (operating as Amex-Fraseridge Realty), Bal Realty Services Incorporated, Jovi Realty and Lighthouse Realty Ltd, with BCFSA stating the action is intended to preserve trust funds while its investigation continues. BCFSA’s investigation relates to alleged mishandling of trust funds, deceptive dealing, failures to maintain brokerage records, and offering mortgage and investment services without registration. Consumers whose funds are affected are directed to contact their real estate licensee, and BCFSA flagged potential eligibility for support through the Special Compensation Fund for losses arising from licensee misconduct. The investigation remains ongoing and, once complete, BCFSA intends to pursue penalties for any contraventions of RESA, with maximum financial penalties per contravention of $250,000 for individuals and $500,000 for corporations.
British Columbia Financial Services Authority 2025-11-06
British Columbia Financial Services Authority suspends Balpreet Singh Bal and freezes trust accounts at four related brokerages
The British Columbia Financial Services Authority (BCFSA) issued urgent orders suspending Balpreet Singh Bal and Fraseridge Realty Ltd from providing real estate services and freezing accounts of four brokerages amid an investigation into alleged trust fund mishandling and unregistered services. Affected consumers are advised to contact their real estate licensee, with potential support available through the Special Compensation Fund. BCFSA plans to pursue penalties for contraventions of the Real Estate Services Act, with fines up to $250,000 for individuals and $500,000 for corporations.