realestatebusiness logo
Subscribe to our newsletter SIGN UP

Director steals over $300K

February 16, 2014 Stacey Moseley 0 comments

Louise Catherine Sultana was convicted in Parramatta Local Court last week of fraudulently converting $208,639 from her company’s sales trust account and $55,062 from her company’s rental trust account for her own use.

She was also convicted of failing to lodge rental bond funds totaling $66,650.

The arrest came as part of NSW Fair Trading's annual real estate audit program, according to Fair Trading commissioner Rod Stowe.

“Dipping into a trust account is stealing and Fair Trading will vigorously pursue any real estate agent who helps themselves to funds they are supposed to hold in trust,” he said.

Just last year a Sydney commercial real estate, Patrick Scott, received a one-year jail sentence after stealing over $800,000 from the company's trust account.

Ms Sultana has agreed to pay $349,457.03 to the Property Services Compensation Fund.

The office, which had seven sales pending and was managing 75 properties, is no longer in operation.

Ms Sultana has lodged an appeal against her sentence, believing the jail term is too severe. She was granted conditional bail by the court, subject to her surrendering her passport to the court.

Director steals over $300K
lawyersweekly logo
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 50 women 2018

The 2018 REB Top 50 Women in Real Estate ranking is out now, see the full 2018 ranking here!

featured podcast

featured podcast
Doing what is required for the day – and doing it every day

Bill Tsounias believes that achieving an end goal is simple – break it down to the basics and take it day by day. ...

View all podcasts

How do you get your day started?

I get up early and get to the office to get ahead of my competition
I get up early and get an exercise workout in first thing
I take my time getting to the office, avoiding exercise, to be fresh when I hit the phones
I have no regular routine, rather I take everyday as it comes
Do you have an industry update?
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.