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A Greenvale-based agency director faces criminal charges over accusations that his business engaged in unlicensed trading and trust account breaches.
The state’s watchdog has initiated proceedings against the Melbourne-based agency, Mark Reuben Property, and its sole director, Mark Alexander Reuben, over recent accusations of trust fund misuse and industry malpractice.
Consumer Affairs Victoria (CAV) claims that the agency, under Reuben’s leadership, engaged in various criminal acts between August 2022 and October 2024, such as allegedly operating without an estate agent’s licence.
The regulator also alleged that the agency engaged in a series of trust account breaches over the period, by reportedly failing to properly manage over $400,000 in trust money, and neglecting to complete the necessary trust account audits required by Victorian law.
Under the Estate Agents Act, Victorian agents who trade without an estate agent’s licence can face a maximum penalty of up to $100,000 in fines or up to 12 months’ imprisonment.
The act also outlines that agents who fail to deposit trust money into the appropriate trust fund properly, or who do not complete the annual audits required by Victorian law, can risk fines of up to $23,710 per breach, for each year that a violation has been committed.
Consumer Affairs Victoria (CAV) noted that Reuben’s matter is currently listed to be heard on 23 June 2025.
The upcoming case represents just one of the instances of trust account abuse that Consumer Affairs Victoria has investigated over the last 12 months.
CAV director, Nicole Rich, said that agents who misuse trust funds will “continue to be held to account to uphold the interests and the reputation of the industry”.
“Agents must manage their trust accounts as a priority. If they fail to meet their trust account obligations, or other responsibilities, we will take action,” she said.
Trust account misuse has been evident across the nation, such as last year when a Perth woman was permanently barred from working as a settlement agent, after she was found to have illegally transferred $30,000 worth of funds to her personal bank accounts and a work credit card.
Similarly, last year, a Sunnybank agent in Brisbane had his licence permanently disqualified after he was convicted for $1.2 million worth of trust fund misuse.
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