Agency fined for breach of trust

Canning Times - - NEWS -

A FOR­MER Can­ning­ton real es­tate agency took more than $220,000 of its clients’ money from the agent’s trust ac­count.

Aust­pride Pty Ltd, which for­merly traded as Real Es­tate Mas­ters and is in liq­ui­da­tion, was con­victed of 12 counts of trans­fer­ring pay­ments to­talling $220,742 from its trust ac­count to per­sons not en­ti­tled or au­tho­rised to re­ceive the funds.

The com­pany was fined $7500 by the Perth Mag­is­trates Court and or­dered to pay costs of $1237.50.

Three fur­ther charges re­lated to fail­ure of the agency to prop­erly rec­on­cile its main trust ac­count for the months of Oc­to­ber, Novem­ber and De­cem­ber 2015.

The 12 with­drawals oc­curred over a pe­riod of four months from Au­gust to De­cem­ber 2015.

Three of the with­drawals were paid into the credit card ac­counts of the wife and an­other fam­ily mem­ber of the agency’s man­ager, who is fac­ing sep­a­rate le­gal ac­tion.

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