Queensland office fined, shut down

A Brisbane-based agency has been fined $25,000 and permanently disqualified from holding a licence after trust account breaches.

East Coast Investments Pty Ltd, trading as Property Shop Qld and Ardent Property Group, was found guilty of two counts of unlawful withdrawals from a trust account and one count of making false representations.

According to the Queensland Office of Fair Trading, an investigation was launched following a report from an auditor that identified two suspect transactions totalling approximately $22,000.

The investigation also identified that a document purporting to show a deposit of $43,900 into the trust fund had been falsified.

East Coast Investments were permanently disqualified from holding a licence under the Property Agents and Motor Dealers Act 2000.

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