Allen has not returned calls to the Star for comment on the council’s actions since last week when the regulator initially froze the brokerage’s bank accounts to protect consumers and other stakeholders.
The council said it issued a proposal for revoking the registrations of the firm and owner but could not provide details under Ontario legislation until a hearing before the province’s Licence Appeal Tribunal.
The council’s registrar may issue a suspension or seek a revocation if he or she determines the firm cannot reasonably be expected to be financially responsible in its operations or follow the law.
Graydon, a boutique brokerage, employs about 30 people including more than a dozen agents out of offices in the Forest Hill and Moore Park area. Its mission statement is “to create the highest level of real estate service ever seen.”