A Manly real estate agent has been banned from operating for 10 years after he was found to have cheated an 85 year old client out of $1 million profit.
The LJ Hooker agent, Markus Edward Larcombe, offered to buy the 85 year old’s investment duplex for $890,200 after saying he was unable to secure a single offer over $800,000.
Just over 12 months later, Mr Larcombe sold the property for $1,935,000, pocketing a 120 per cent profit.
Fair Trading Minister Virginia Judge said the NSW Supreme Court found Mr Larcombe had breached his fiduciary duty.
According to the Manly Daily, Mr Larcombe managed to evade criminal prosecution because under the Property, Stock and Business Agents Act, action must be brought within three years of the offence occurring.
Mr Larcombe was also forced to pay $1 million to his elderly client who now lives in a nursing home.