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PM jailed for trust account breaches

21 October 2013 Reporter

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George Cowin had his licence cancelled and was permanently disqualified from holding a licence under the Property Agents and Motor Dealers Act 2000 after being convicted of 68 counts of failing, as an executive officer, to ensure Rylco Pty Ltd complied with the Act.

Rylco Pty Ltd was convicted of 32 counts of failing to disburse trust money, 32 counts of not accounting to clients, one of not supplying documentation when requested, one of not supplying information about an offence, one of failing to appoint an auditor to the trust account and one of not having the trust account audited.

Rylco Pty Ltd also had its licence cancelled and was permanently disqualified from holding a licence.

The Cleveland Magistrates Court heard that between 1 June 2012 and 1 December 2012, Rylco Pty Ltd failed to pass on $14,965 of rent money to six property owners.

Convictions were recorded against both Mr Cowin and Rylco Pty Ltd.

In 2012, Rylco Pty Ltd was fined $20,000 and ordered to pay $8581.80 restitution to affected customers and Mr Cowin was fined $12,000 for trust account breaches

PM jailed for trust account breaches
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