Edward E. Bainbridge - Lifetime Withdrawal from Industry

Calgary, October 16, 2003 - On October 14, 2003, Edward E. Bainbridge, who was licensed as a mortgage broker with Bainbridge Mortgage Corp. in Calgary AB, applied to the Real Estate Council of Alberta to withdraw from industry membership in accordance with section 54 of the Real Estate Act.

At the time of the application, Mr. Bainbridge's authorization to deal in mortgages as a mortgage broker had been suspended by the Real Estate Council of Alberta since November 18, 2002, pending the outcome of conduct proceedings under Part 3 of the Real Estate Act.

Mr. Bainbridge was facing many serious allegations of misconduct related to his activities as a mortgage broker in relation to condominium projects in Edmonton. Mr. Bainbridge was scheduled to appear before a Hearing Panel of the Real Estate Council of Alberta in November to respond to these allegations.

This was Mr. Bainbridge's second application and, unlike the previous application, it included Mr. Bainbridge's request to withdraw for life from industry membership and his offer to pay costs in the amount of $7,700 to the Real Estate Council of Alberta.

Considering the nature of the misconduct allegations and the fact there is likely no greater disciplinary penalty that not being licensed to act as an industry member again in Mr. Bainbridge's life, the Real Estate Council of Alberta approved Mr. Bainbridge's application. The lifetime ban on industry membership is effective immediately.

As a result of the approval of Mr. Bainbridge's application to withdraw from the industry, the allegations and conduct proceedings initiated against Mr. Bainbridge will be discontinued. Mr. Bainbridge's application does not constitute an admission of the allegations in these proceedings.

The Real Estate Council of Alberta (RECA) is an independent, non-governmental agency, responsible for the regulation of the real estate industry which includes real estate brokers, business brokers, property managers, and mortgage brokers. RECA is mandated to protect consumers and to provide services that enhance and improve the industry and the business of industry members.