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PM cops five-year ban over foul play

By Staff Reporter
27 November 2014 | 1 minute read

A property manager has been banned from holding a real estate and business agents’ licence and triennial certificate for five years, due to trust account fraud.

Western Australian property manager Van Dung Nguyen, formerly based in Girrawheen, in Perth's northern suburbs, was also fined $3,000 by the State Administrative Tribunal last week.

Mr Nguyen faced disciplinary action by Consumer Protection after he deposited three payments received from the tenant of three Girrawheen units into a business operating account instead of a trust account as required by the Real Estate and Business Agents Act.

Mr Nguyen, who had operated the now-deregistered property management business Golden Investments, had received a total of $13,660 from a tenant for rent, water rates, strata levies and management fees between January 2012 and October 2012.

The funds were used to pay for personal and business expenses unrelated to the management of the properties, leaving the owner out of pocket.

Mr Nguyen filed for bankruptcy in September 2013 and relocated to Queensland.

Commissioner for Consumer Protection Anne Driscoll said income related to the management of properties must be kept separate to an agent’s operational account.

“The law requires that rent and other payments from tenants must be placed in a separate trust account so that the transactions are transparent and the funds cannot be mixed with the day-to-day financial operations of the agency,” Ms Driscoll said.

“This allows for easy auditing and gives both the tenant and property owner confidence to know that their funds are being used appropriately.

“Agents who borrow money from their trust accounts to pay their operational expenses are breaking the law and will face disciplinary action.”

PM cops five-year ban over foul play
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

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.