Ensure you never miss an issue of the
real estate business bulletin
Agent recieves10 year ban

Agent recieves10 year ban

by Reporter 1 comments

A Manly real estate agent has been banned from operating for 10 years after he was found to have cheated an 85 year old client out of $1 million profit.

The LJ Hooker agent, Markus Edward Larcombe, offered to buy the 85 year old’s investment duplex for $890,200 after saying he was unable to secure a single offer over $800,000.

Just over 12 months later, Mr Larcombe sold the property for $1,935,000, pocketing a 120 per cent profit.

Fair Trading Minister Virginia Judge said the NSW Supreme Court found Mr Larcombe had breached his fiduciary duty.

According to the Manly Daily, Mr Larcombe managed to evade criminal prosecution because under the Property, Stock and Business Agents Act, action must be brought within three years of the offence occurring.

Mr Larcombe was also forced to pay $1 million to his elderly client who now lives in a nursing home.


le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Agent recieves10 year ban
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?