Estate agent banned 5 years

Estate agent banned 5 years

21 August 2009 by Staff Reporter 0 comments

A Mullumbimby estate agent has had his real estate license revoked for exploiting the trust of an elderly client, The Northern Star reported.

Sean Kenny of Sean Kenny Real Estate was disqualified from holding a license for five years after an investigation by the Office of Fair Trading found he had pocketed $240,000 from the resale of his client’s property.

According to a complaint lodged with the Office of Fair Trading, Mr Kenny purchased a parcel of land from an elderly seller, who he was representing at the time, for $350,000.

Three days after settlement, Mr Kenny’s company, Bale Building Company, relisted the property as two parcels of land worth $328,000 each.

Mr Kenny eventually sold both parcels of land for a combined total of $590,000.

“Mr Kenny exploited the trust of an elderly client for his own financial gain,” a Fair Trading spokesperson told The Northern Star.

“As a result, Fair Trading cancelled his license.

“His conduct constitutes a serious breach of the Property, Stock and Business Agents Act, which states clearly that a real estate agent must not obtain a beneficial interest in the properties they are selling.”

Mr Kenny has also been banned from being involved in the direction, management or conduct of a real estate business for five years.

A Mullumbimby estate agent has had his real estate license revoked for exploiting the trust of an elderly client, The Northern Star reported.

Sean Kenny of Sean Kenny Real Estate was disqualified from holding a license for five years after an investigation by the Office of Fair Trading found he had pocketed $240,000 from the resale of his client’s property.

According to a complaint lodged with the Office of Fair Trading, Mr Kenny purchased a parcel of land from an elderly seller, who he was representing at the time, for $350,000.

Three days after settlement, Mr Kenny’s company, Bale Building Company, relisted the property as two parcels of land worth $328,000 each.

Mr Kenny eventually sold both parcels of land for a combined total of $590,000.

“Mr Kenny exploited the trust of an elderly client for his own financial gain,” a Fair Trading spokesperson told The Northern Star.

“As a result, Fair Trading cancelled his license.

“His conduct constitutes a serious breach of the Property, Stock and Business Agents Act, which states clearly that a real estate agent must not obtain a beneficial interest in the properties they are selling.”

Mr Kenny has also been banned from being involved in the direction, management or conduct of a real estate business for five years.

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