Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Rental trust accounts used for gambling habit

13 October 2016 Reporter
Rental trust account fraud funds gambling habit

A real estate agent has been sentenced to nine months’ imprisonment and ordered to pay over $90,000 for accessing trust funds for his own use.

Daniel Nicholson, the sole director of Nicholson Property Group Pty Ltd, trading as Kings Northern Beaches in Sydney, was convicted of three offences under the Property Stock and Business Agents Act and sentenced to nine months’ imprisonment, to be served by way of an Intensive Correction Order. He was also ordered to pay more than $92,000 in reparation costs to his victims.

Over a period of two years from 10 August 2012 to 14 August 2014, Nicholson took over $92,000 from the Kings Northern Beaches Sales and Rental Trust Accounts.

During Fair Trading’s investigation, Nicholson admitted to stealing the funds to support his gambling habit.

NSW Fair Trading Commissioner Rod Stowe reminded agents and PMs that trust account fraud is a serious offence and warned that Fair Trading will actively pursue anyone who fails to comply with trust account obligations.

“Real estate agents should be trusted with considerable amounts of money and those who take advantage of this position will be held accountable.”

Rental trust accounts used for gambling habit
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

What is the worst mistake vendors make?

Price too high
Taking low offers too personally
Neglecting curb appeal
Not ‘staging’ the home for sale
Do you have an industry update?
REAL ESTATE BUSINESS 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.