The director of a rental and luxury accommodation company has been banned for life and fined $70,000 in a ruling handed down in Brisbane earlier this month.
The Brisbane magistrate’s court found GT Gold Unit Management Pty Ltd (trading under the name Goldsborough Place Executive Accommodation) guilty of trust account breaches earlier this month.
The company made eight unauthorised withdrawals from the agency’s trust account totalling $89,000, and failed to pay a further $14,783 in tenancy bonds and rent to those entitled to it.
The company was fined $50,000 for eight counts of making unauthorised trust account withdrawals, and nine counts of not paying out trust account money correctly.
The company’s director, Gerald O’Brien, was fined $20,000 for 17 counts of not ensuring his company complied with the Property Agents and Motor Dealers Act 2000.
The company was also ordered to pay $9,980 restitution to the Residential Tenancies Authority (RTA) to replace misappropriated tenancy bonds.
The breaches came to light during an Office of Fair Trading investigation into eight complaints made against the company.
Mr O’Brien pleaded guilty to all charges against him and the company.
Mr O’Brien’s resident letting agent licence was cancelled and he was permanently banned from holding a property agent licence.