Fair Trading Minister Anthony Roberts said the licence of a Potts Point real estate trading as Marquette Turner Luxury Homes had been cancelled after an investigation into the company’s activities found irregularities in managing trust funds for various clients and strata corporations.
The two directors and former licensees, Michael James Marquette and Simon Robert Turner were disqualified from being involved in the real estate business for periods of 15 years and 12 years respectively.
Mr Roberts said Fair Trading estimated the trust monies had been accessed over a two year period without authorisation.
“This company and two of its directors were not able to account for these funds, which they administered on behalf of clients,” he said.
“This is a serious matter and the punishment is entirely appropriate.”