Ensure you never miss an issue of the
real estate business bulletin
State continues trust account crackdown

State continues trust account crackdown

by Staff Reporter 1 comments

A Victorian business owner’s failed appeal against his prison sentence is the latest in what Consumer Affairs Victoria is calling a clear warning to agencies.

Daniel McNamara was imprisoned last week after pleading guilty to fraudulently using approximately $155,000 in trust money and was sentenced to 12 months’ imprisonment with nine months' suspended sentence for two years.

Mr McNamara appeared in the County Court of Victoria last week to appeal against the sentence. However, he abandoned the appeal and went into custody at the court to serve his sentence of three months’ imprisonment. 

Consumer Affairs Victoria director Claire Noone said the success of the agency's ongoing state-wide real estate agent trust account inspection program sends a clear message to those tempted to abuse the trust placed in them.

“Consumer Affairs Victoria will continue to crack down on the misuse of trust account money and will not tolerate this kind of abuse of trust. The court's decisions in these matters illustrates that offenders will not escape lightly," Dr Noone said.

"There is no excuse for agents to flout the law; Consumer Affairs Victoria provides assistance for estate agents to ensure they understand and meet their obligations. You do the wrong thing and prison awaits."

Mr McNamara operated First National Real Estate Maurice McNamara and Co in Numurkah, and has been operating for a decade.

State continues trust account crackdown
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?