Brokerage’s name stripped from Brampton sports centre following ‘terminated’ sponsorship

The Save Max name is coming off a Brampton sportsplex now that the brokerage’s sponsorship has been terminated, not long after its accounts were frozen by the Real Estate Council of Ontario.

A spokesperson for the City of Brampton confirmed to INsauga.com that the Save Max Sports Centre will be going back to its previous name of the Brampton Soccer Centre, and that the sponsorship agreement with Save Max Real Estate Inc. “has been terminated in accordance with the terms of the agreement.”

The name change comes after RECO said several Save Max real estate brokerages in Mississauga and Brampton used $2.7 million in client funds to pay off expenses – allegations that Save Max has disputed.

RECO said funds held in trust for real estate sales were instead used for loan payments, property management fees, taxes, credit card balances and vendor services.

Between 100 to 150 active Save Max listings were frozen by RECO, and some 400 registered real estate salespeople left brokerages across the broader Save Max network following the freeze.

But the RECO has agreed to lift the freeze if strict conditions are met, including third-party oversight of all brokerage bank accounts, and “the voluntary cessation of operations and cancellation of registrations for Save Max Supreme and Save Max Ace.”

Suspensions against Raman Dua, Save Max’s broker of record and sole director, and Nidhi Dua, were lifted under an agreement announced in April.

“Following this agreement, other suspensions and notices of proposal related to this matter will not proceed,” the RECO said.

“This action is aligned with our commitment to strengthen financial oversight across the sector, including the introduction of annual financial filings for brokerages later this year,” Jean Lépine, Administrator and Acting CEO for RECO said in a release.

Save Max and the city inked a 15-year $2,512,500 sponsorship deal in 2020 for exterior naming rights. Listings on the city’s website show sponsorship and naming rights opportunities for the Brampton Soccer Centre field and gymnasium.

The city didn’t specifically say whether the sponsorship was terminated due to the allegations against Save Max, but says signage updates and online references are currently underway.

Lawyers for Save Max filed an appeal of the freeze, admitting investigations by the RECO did find “incorrect disbursements,” but claim most were “reversed promptly within 30 days – a number of them within 24 to 48 hours, and one within a matter of minutes.”

The largest of the disputed transactions was a transfer of $700,000, which was “reversed the next day,” according to the appeal.

Editor’s note: The original version of this article said a suspension was in place for Nidhi Dua, which has been lifted. It also stated the Ontario Real Estate Board froze Save Max accounts, when the accounts were frozen by RECO. We regret the errors.