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A Broadbeach agent will spend time behind bars after he misappropriated more than $100,000 in trust money.
Previously the sole director and principal license of GCQ Property Sales and Rentals, Anthony James Mauceri pleaded guilty to two counts of misappropriation of trust funds in the Southport District Court last month.
The court had heard that between February and July 2019, the Office of Fair Trading (OFT) received 18 complaints from property owners whose properties were managed by Mr Mauceri and his company, stating they had not received any rental income for nearly two months.
A vendor also made a complaint after they did not receive the balance of $15,225 after the sale went through, while another tenant also said they had lost money after their $3,400 bond was not lodged with the Residential Tenancies Authority by Mr Mauceri.
According to the Queensland OFT following a subsequent investigation, Mr Mauceri made 63 unauthorised transfers from his company’s sales and rental trust accounts – a total of $111,437.
That money was reportedly used to pay employee wages, fund gambling and pay general business expenses.
Sentencing Mr Mauceri to three years imprisonment, District Court Judge Katherine McGinness said the former agent would serve a minimum of seven months behind bars.
In sentencing, Judge McGinness said Mr Mauceri had committed “a serious breach of his clients’ trust” and noted the fact that there was no repayment of any of the money taken.
Affected consumers have since been compensated through the Office of Fair Trading Claim Fund.
Victoria Thomson is the commissioner for Fair Trading and has used Mr Mauceri’s case to offer a warning against agents who may be helping themselves to trust account moneys.
“Trust money is not your money; it belongs to your clients,” she began.
“Taking trust money for personal use is stealing and the OFT will prosecute any property agent that thinks they can access and use trust money in this way.”
Advising that reports made to the OFT where property agents have disregarded their trust account obligations are taken very seriously, Ms Thomson conceded that breaches of trust by real estate agents weaken consumer confidence in the property industry.
“Those who abuse it will be held accountable,” she warned.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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