B.C. real estate regulator suspends 2 more brokerages as investigation of Balpreet Singh Bal continues

A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. (Jonathan Hayward / The Canadian Press)

Two real estate brokerages with dozens of agents working for them have had their licences suspended in connection to an ongoing investigation.

The B.C. Financial Services Authority issued an "order in urgent circumstances" suspending Lighthouse Realty Ltd. and Jovi Realty on Thursday. The two companies had already had their accounts frozen as part of the regulator’s investigation into the activities of Balpreet Singh Bal.

In a news release accompanying the order, the BCFSA said the two companies were facing “serious allegations of misconduct related to trust account management.”

The order also imposes “significant restrictions” on the managing brokers of the two firms, Ralph Frederick Oakes of Jovi and Colin Ross McDonald and James Robert Thiessen of Lighthouse, according to the release.

“These actions mean the brokerages are no longer authorized to provide real estate services,” the release reads. “The decision to seek further action and suspend the brokerages responded to escalating concerns related to alleged mishandling of trust funds and deficient brokerage oversight by managing brokers.”

The BCFSA also published a "consumer alert" Thursday, offering advice for clients of real estate agents and property managers working under Lighthouse and Jovi.

‘Contrary to the public interest’

Lighthouse and Jovi are—or, at least, were until very recently—owned by Bal, a real estate agent who was the subject of his own “order in urgent circumstances” earlier this month.

• Read more: B.C. real estate agent with long history of litigation has accounts frozen in ‘urgent’ order

The BCFSA is investigating alleged misconduct by Bal, including “mishandling of trust funds, deceptive dealing, failing to maintain brokerage records and offering mortgage and investment services without registration.”

The allegations have not been proven.

In addition to suspending Bal’s licence and that of his company Amex-Fraseridge Realty, the BCFSA froze the accounts of four companies: Amex-Fraseridge, Bal Realty Services Inc., Jovi and Lighthouse.

• Read more: ‘Consumer alert’ issued for customers of 4 B.C. real estate companies over alleged misconduct

While the order issued against Jovi and Lighthouse Thursday does not contain details about the evidence the regulator reviewed before making it, CTV News has previously reported on allegations against the two companies’ managing brokers contained within the BCFSA’s orders against Bal.

In his decision on freezing the firms’ accounts, BCFSA hearing officer Gareth Reeves noted that the managing brokers for both Jovi and Lighthouse told investigators they did not have signing authority over their respective companies’ trust accounts. They also professed a lack of familiarity with their companies’ financial situations.

“The evidence establishes reasonable grounds to believe that Jovi and Lighthouse do not have a managing broker as a signing authority on their trust accounts,” Reeves wrote in his decision.

“In my view, this state of affairs is contrary to the public interest.”

At that time, the hearing officer noted, the BCFSA had not requested any orders against McDonald, Thiessen or Oakes, whose names were redacted in his decision. The document noted that the trio appeared to be in violation of the provincial Real Estate Services Act.

“Looking at the whole of the circumstances, I have significant concerns that the funds in both Jovi’s and Lighthouse’s accounts are not being properly managed,” Reeves added later in his decision.

Bal’s ownership

When interviewed by regulators on Nov. 4, Bal told them he was “no longer involved” with either Lighthouse or Jovi, according to Reeves’ decision.

Corporate records show this was a recent development. Bal became the sole director of both companies in April 2024, and he ceased being a director of both companies on Nov. 4 of this year.

Replacing Bal as the sole director of both companies was Parminder Sondhi, whose address listed in corporate records is the same as Jovi’s Vancouver address.

Reeves’ decision noted that the transfer to Sondhi—whose name is redacted in the document—“appears to have been precipitated by the previous orders” against Bal by the BCFSA.

“It makes it appear as if Mr. Bal may be trying to distance himself from Jovi and Lighthouse somewhat precipitously,” the document reads.

“He also appears to intend to maintain some control over Jovi and Lighthouse, as evidenced by the fact that he has entrusted Jovi with $2,750,000 in funds that should be held in trust and that Mr. Bal, despite not being a director of Jovi, plans to direct their payment to his counsel. This suggests that Mr. Bal’s divestment might not be entire and that he may retain some beneficial interest or other form of influence over Jovi and Lighthouse.”

Notably, on Nov. 8, the registered office address for both Jovi and Lighthouse was changed to a residential property on 148 Street in Surrey. The address matches one identified in court documents as Bal’s personal home.

• Read more: Suspended B.C. real estate agent took over, renamed company owned by murdered Hells Angel

In response to inquiries from CTV News, Lighthouse provided a statement earlier this week in which it said it has “fully co-operated” with the BCFSA’s investigation and confirmed that no funds are missing from its trust accounts.

“It is unfortunate that the actions of a single individual can affect not only the company ‘brand,’ but the lives of all the hard-working individuals who have chosen to pursue careers at Lighthouse Realty,” the company said.

“As the process progresses, we will continue to try to support our clients and staff to our utmost.”

Oakes has not responded to requests for comment from CTV News.

‘Egregiously misused’

On Friday, the BCFSA published Reeves’ reasons for suspending Lighthouse and Jovi, as well as new orders suspending McDonald, Thiessen and Oakes—though the three men will be allowed to remain licensed as associate brokers or representatives, just not managers.

Reeves’ latest reasons repeat previously stated concerns about the lack of managing broker oversight of Jovi’s and Lighthouse’s accounts, as well as recounting developments that have occurred in the investigation since the freeze order.

According to the document, “Director 1”—whose name is redacted, but who is likely Sondhi—met with investigators on Nov. 5 and provided “several bank statements” for the two companies that he said were provided to him by Bal.

These statements did not match bank statements provided by a chartered professional accountant who was made a signatory on both companies’ accounts on Nov. 12.

The Bal-provided statements did not match the accountant’s statements, according to Reeves’ reasons. As an example, the hearing officer notes that Bal’s statements claimed a closing balance in Jovi’s trading trust account of more than $1.9 million in August of this year. In fact, the account had just $7,049.19 in it.

Director 1 told investigators he was unaware that the Bal-provided statements were inaccurate.

The accountant’s statements also revealed millions of dollars worth of transfers into Jovi’s and Lighthouse’s accounts from a California company known as M&M Property Services & Management and formerly known as Bruce Mills Realtor Inc., all of them made earlier this month, after the BCFSA’s initial orders against Bal.

Bal was the CEO of Bruce Mills, according to Reeves’ reasons, which do not specify when he took on that title, nor when he ceased to hold it.

“Looking at the accounts in general, it appears that substantial trust funds were moved out of Jovi’s and Lighthouse’s trust accounts between August 1, 2025 to October 31, 2025 and then the accounts were replenished from time to time, at least in part by transfers from Bruce Mills, to keep the accounts in a position to meet their ongoing obligations,” Reeves’ reasons read.

These facts, according to the hearing officer, establish a strong prima facie (“on its face”) case that “the funds were removed for purposes that were not permitted” under B.C.’s Real Estate Services Act.

“In my view, the evidence establishes there is urgency in this situation that requires Jovi’s and Lighthouse’s licenses to be suspended,” Reeves’ reasons read. “The evidence establishes a strong prima facie case that Jovi’s and Lighthouse’s trust account have been egregiously misused.”

For being managing brokers of the two firms while this alleged misuse occurred and for failing to be in control of their brokerages’ accounts, McDonald, Thiessen and Oakes should have their managing brokers’ licences suspended, according to Reeves.

However, the hearing officer declined to suspend them from all real-estate-related activity.

“There is a strong prima facie case of misconduct against Mr. Oakes, Mr. McDonald, and Mr. Thiessen arising from their failures to properly manage Jovi and Lighthouse,” Reeves’ reasons read.

“There do not appear to be issues with their provision of real estate services generally such that their continued licensure as either an associate broker or representative licensee and their provision of real estate services generally will be a risk to the public.”

Importantly, a prima facie case is not the same as proof that the alleged misconduct occurred. The BCFSA’s allegations against Bal, Jovi, Lighthouse and all of the other parties remain unproven, and Bal’s lawyer has previously told CTV News his client is “fully co-operating” with the regulator’s investigation.

Advice for clients

Unlike Amex-Fraseridge and Bal Realty, which each have only one licensee—Bal—listed as working for them in the BCFSA’s online database, Jovi and Lighthouse each have more than a dozen licensees.

The suspension of the corporate licences means agents working for the two companies must transfer their licences elsewhere if they want to resume providing real estate services.

That goes for both agents licensed for trading and those licensed as property managers.

In its consumer alert, the BCFSA advises those buying or selling real estate through an agent working for Jovi or Lighthouse to continue to work with their existing agent, noting that the licensee will be able to provide “information regarding any funds you may have in trust at the brokerage as well as information on how the orders may impact the real estate services you are receiving.”

For landlords who use property managers employed by Jovi or Lighthouse, the BCFSA’s advice is similar.

“Please be assured that there have been no allegations or evidence of wrongdoing by your property manager; this action relates solely to the brokerage’s compliance issues and the actions of its owner and managing broker(s),” the consumer alert reads.

Tenants should continue paying rent according to their existing tenancy agreements, the regulator said. If they pay rent into an account that has been frozen, they cannot be evicted for unpaid rent.

The BCFSA notes that clients who keep the same real estate agent or property manager and switch to a different brokerage may have to sign new service agreements or contracts.

The regulator has also created dedicated email addresses for consumers with questions about the two companies, though it advises them to check with their agents first. Questions about Jovi can be directed to [e-mail], and questions about Lighthouse can be directed to [e-mail].