Oromocto realtor K. Walter Moore and his Town & Country Market Realty Ltd. have had their licences to operate in New Brunswick cancelled by the director of consumer affairs for the province's Financial and Consumer Services Commission.
Moore is the owner and manager of Town & Country Market Realty in Oromocto.
A news release from the commission states the licences were cancelled after breaches of the Real Estate Agents Act were identified during a recent review of Moore's business.
The breaches identified include improper use of a trust account by failing to deposit money directly into trust and withdrawing money from trust funds to pay operating expenses.
"The Real Estate Agents Act is very clear on the obligations surrounding trust funds, and the commission's role is to protect consumers by ensuring compliance with the act," said the commission's chief executive officer Rick Hancox in a news release.
Moore failed to attend an opportunity to be heard by the commission in December, the release stated.
When contacted by CBC News on Tuesday, Moore initially said he did not want to comment on the allegations and ruling.
Then he said: "I didn't know about it."
Moore said he retired in December. "I will look into it," he added.
Neither Moore nor Town & Country Market Realty can apply for a new licence for at least one year. Both have the right to appeal.
Town & Country has been ordered to take down its website and to advise the commission of all of its outstanding listings or closings.
The commission said consumers who have listings with either Moore or Town & Country are "strongly encouraged" to contact the commission with any questions they have.
FCNB's Reasons for Decision
FCNB's Reasons for Decision (PDF KB)
FCNB's Reasons for Decision (Text KB)