Kelowna rental property manager gets licence cancelled
The managing broker of a Kelowna property management company whose clients complained they hadn't gotten their money has been suspended.
According to a Feb. 10 BC Financial Services Authority decision, Tao Guo, who goes by Terry Guo, has had his licence suspended by the regulator under "urgent circumstances."
The decision said Guo had asked the regulator to put his licence on pause as he was leaving the country to look after his aging parents and might be gone for two years.
As the managing broker of Menethil Properties, Guo's absence would leave the company with no one in charge, violating the law that governs realtors and property managers.
"Mr. Guo is not involved in active management of Menethil (Properties)... he is not engaged in ensuring that the business of Menethil is being carried out competently and in accordance with (the law) and that he is not engaged in ensuring the supervision of Menethil’s licensed representatives or any other Menethil employees who perform duties on behalf of the brokerage," the regulator said in the decision.
The regulator decided the situation was serious enough to suspend Guo's licence without a hearing.
"Mr. Guo’s action in abandoning his managing broker role, and inaction in failing to surrender his licence, has created an urgent need to protect the public, in the sense that as things currently stand, Menethil is effectively operating without a managing broker," the regulator said.
Menethil Properties has had issues with managing brokers before and in September 2023 managing broker Yu Song, who goes by David Song was fined $25,000 and had his licence cancelled. He also had to pay $15,000 in fees.
The BC Financial Services Authority said that Song had committed professional misconduct for failing to file financial statements, properly maintain financial records, and respond to the regulator's requests for information.
In May 2024, Menethil Properties realtor Donna Craig was fined $15,000 for breaking conflict of interest rules and failing to provide a client with an inspection report on time.
The current decision said between September 2024 and January 2025 the regulator received complaints from Menethil Properties' rental management clients saying they were not receiving funds the company was holding in trust.
The regulator began an investigation and an audit, although the decision didn't say what the outcome was or whether the file had been finalized.
In a media release, the BC Financial Service Authority says the property management company is no longer allowed operate, but there's no immediate impacts to tenancy agreements and tenants are advised to continue paying their rent according to the terms of their tenancy agreement.
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