THE REAL ESTATE SERVICES ACT ("RESA")
Section 59(1)
THE REAL ESTATE BROKERS ACT ("REBA")
Section 11(1)
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Manitoba Financial Services Agency
Order No. 2850 February 22, 2024
TEDDY BEYENE
WHEREAS: (A) On June 13, 2023, The Manitoba Securities Commission ("Commission") issued a Notice of Hearing ("Notice") giving notice of its intention to hold a hearing to consider, inter alia, whether or not it was in the public interest to order, pursuant to section 11(1) of the REBA, that the registration of Teddy Beyene ("BEYENE") as a real estate salesperson be suspended or cancelled;
(B)
(C)
(D)
(E)
On January 30, 2024, Staff of the Commission and BEYENE entered into a Settlement Agreement (the "Settlement Agreement"), which is subject to the approval of the Commission. A copy of the Settlement Agreement is attached as Schedule A;
BEYENE has consented to the issuance of this Order and has waived his right to a full hearing;
On February 22, 2024, the Commission held a hearing ("Settlement Hearing") to consider whether or not to approve the Settlement Agreement;
At the Settlement Hearing, the Commission approved the Settlement Agreement and the Commission is of the opinion that it is in the public interest to make this Order.
IT IS ORDERED THAT: 1. The Settlement Agreement as set out in Schedule "A" (the Settlement Agreement"), is hereby approved.
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BEYENE shall be barred from applying for, or becoming registered, in any capacity under the RESA for a period of four (4) months, beginning from the date of this Order.
Conditions of registration as determined by the Registrar of the Manitoba Securities Commission be imposed on any future registration of BEYENE under the RESA, for a period of twenty four (24) months, which period will begin when BEYENE becomes registered in any capacity under the RESA.
BEYENE must successfully complete an educational course or other program, to be determined by the Registrar of Real Estate of the Manitoba Securities Commission, within twelve (12) months of BEYENE becoming registered in any capacity under the RESA.
BEYENE will make a voluntary payment to the Commission in the amount of $30,000.00 (thirty thousand dollars), which amount must be paid in full, within ninety (90) days from the date of this Order.
6.
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BEYENE will pay to the Commission $10,000.00 (ten thousand dollars) for the costs of and incidental to the investigation and enforcement of these proceedings, which amount must be paid in full, within ninety (90) days from the date of this Order.
BEYENE not be permitted to be registered in any capacity under the RESA until BEYENE has satisfied, in full, each of the payment obligations indicated at items 5. and 6. in this Order, and as they are set out above.
BY ORDER OF THE COMMISSION
Director
SCHEDULE "A"