Walaa Rene Yacoub Loutfi - Lifetime Withdrawal from Industry

Calgary, Alberta – On October 19, 2011, Walaa Rene Yacoub Loutfi, who was most recently registered as a mortgage broker with West Equity Mortgage Inc. in Calgary, applied to the Real Estate Council of Alberta (RECA) to withdraw from industry membership in accordance with s.54 of the Real Estate Act

At the time of his application, Mr. Loutfi was the subject of conduct proceedings to determine whether he had misappropriated monies in relation to a mortgage deal.

At the time of the withdrawal application approval, there had been no disciplinary hearing, admissions or findings of fact.  

By virtue of operation of the Real Estate Act, Part Three, conduct proceedings are discontinued. Mr. Loufti’s application to withdraw was approved by RECA and results in a voluntary lifetime prohibition from industry membership.

The Real Estate Council of Alberta (RECA) is an independent, non-government agency, responsible for regulating real estate, mortgage broker, and real estate appraisal industry 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.