A former real estate agency executive has been handed a lifetime ban from all regulated real estate activities in New Brunswick.

Ian Wilkie misappropriated more than $3 million in trust funds during his time as chief financial officer of Royal LePage Atlantic, according to a settlement agreement.

Wilkie transferred money from the trust accounts on 73 different occasions in order to cover the agency’s operating expenses.

Tribunal chair Mélanie McGrath said Wilkie’s actions created a serious risk for New Brunswick consumers.

“Frankly, it is a miracle that no one was affected by these breaches,” McGrath wrote in her decision.

McGrath said the transactions led to considerable deficiencies in the trust accounts, which had a shortfall of almost $680,000 at one point.

In addition, she said Royal LePage Atlantic’s general operating account was also often in a deficit position.

While Wilkie did not personally benefit from the transactions, McGrath said the real estate agency gained some indirect benefits.

“Had they not occurred, Royal LePage Atlantic would likely have required additional financing from its shareholders to fund its operations,” she wrote.

McGrath said there can be no doubt that the improper use of trust funds by a real estate agency causes a lessening of confidence in the real estate market.

In addition to his lifetime ban, Wilkie was handed the maximum administrative penalty of $25,000.

Royal LePage Atlantic was ordered to pay $60,000 while CEO Ralph Stephen was ordered to pay $10,000.

McGrath said that Stephen failed to detect the non-compliant transactions and remedy the situation in a timely manner.

“The sanctions send a strong message that the misuse of trust funds in the financial and consumer services sectors will not be tolerated in New Brunswick,” said Marissa Sollows, director of communications and public affairs for the Financial and Consumer Services Commission.