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Agent fined $12k after breaching trust account

Agent fined $12k after breaching trust account

by Reporter 2 comments

Stacey Moseley

A Queensland-based property agent has been fined $12,000 and banned from holding a real estate licence for five years for breaches related to the management of a trust account.

Kate Louise Malone, a resident propetry manager who managed the Greenwood Heights unit complex in Woodridge, pleaded guilty to misrepresenting the amount of rent collected to unit owners and taking money from the trust account for her own use.

Ms Malone also pleaded guilty to using trust money to benefit a family member who was a tenant at Greenwood Heights.

The Office of Fair Trading received a complaint from a Greenwood Heights unit owner about Ms Malone not paying him the correct amount of rent collected from his tenants.

The ensuing investigation revealed Ms Malone had failed to correctly account for $1,860.

The court heard Ms Malone also converted $6,700 from the trust account for her own use and $1,200 for the use of a family member, in breach of the Property Agents and Motor Dealers Act 2000.

No conviction was recorded.

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Agent fined $12k after breaching trust account
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