James Leahy - Lifetime Withdrawal from Industry

Calgary, Alberta - On May 6, 2009, Mr. James Leahy, former broker registered with Protec Property Management Realty Ltd., applied to the Real Estate Council of Alberta (RECA) to withdraw from industry membership in accordance with section 54 of the Real Estate Act.   At the time of his application, Mr. Leahy was the subject of conduct proceedings to determine whether or not he allowed negative trust balances on client ledgers, failed to notify RECA of fund trust shortages, and charged administration fees as a hidden amount on invoices.

Mr. Leahy’s application to withdraw was approved by RECA and results in a voluntary lifetime prohibition from industry membership.  By virtue of operation of the Real Estate Act, conduct proceedings are discontinued.  There has been no hearing and no finding of facts in this matter.  Mr. Leahy’s withdrawal application does not constitute an admission of misconduct.

The Real Estate Council of Alberta (RECA) is an independent, non-government agency, responsible for regulating real estate, mortgage broker, and real estate appraisal professionals under Alberta’s Real Estate Act. RECA is mandated to protect consumers and to provide services that enhance and improve the industry and the business of industry members.