Login
iscover
A Victorian agent has seen his licence cancelled for 12 months over trust fund breaches, unlicensed trading, and delayed disclosures, amid a broader regulatory crackdown.
The Victorian Civil and Administrative Tribunal (VCAT) has cancelled the licence of a real estate agent for 12 months after he breached conditions under the Estate Agents Act following previous mishandlings of clients’ money.
Thomas Henry Albert Aloysius, 52, from Hallam, Victoria, failed to meet two legal requirements when he was the director of the former estate agent, Hills and Fort Real Estate Pty Ltd.
The breaches included waiting more than eight months to notify the Business Licensing Authority after having criminal charges brought against him, instead of within the required 24 hours.
Along with this, Aloysius remained a signatory to the company’s trust account while being prohibited, according to Consumer Affairs Victoria.
He also enabled the agency to trade unlicensed for more than eight months and to keep trust money for sales transactions in a trust account that was not in the company’s name.
Previously, Hills and Fort Real Estate traded under the business names Freedom Realtors, Smart Negotiators and freedomproperty.com.au.
The VCAT action against Aloysius came after he was convicted and fined in 2021 due to failing to correctly handle client funds while working for another agency.
In his role as an agent’s representative, he accepted a $20,000 deposit from a purchaser into his personal account, rather than the agency trust account.
Consumer Affairs Victoria said it is continuing to crack down on real estate agents’ mismanagement of trust account money.
Two agents, Daniela Vella and Mark Alexander Reuben, are also being prosecuted for allegedly mismanaging more than $230,000 and $400,000, respectively, of clients’ trust money.
Both held senior roles in the agencies they were working for when their alleged offences occurred.
Consumer Affairs is urging property owners to do their due diligence and check the online public register before engaging agents to sell their properties, ensuring they are licensed.
You are not authorised to post comments.
Comments will undergo moderation before they get published.