Agency fined for breach of trust
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.