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A Queensland real estate agent and her company have been fined $20,000 after allegedly falsifying trust account books and records.
Rochedale South agent Kyla Anne Gale pleaded guilty to the offences in the Beenleigh Magistrates Court on Thursday, following an investigation by the Office of Fair Trading (OFT).
The OFT’s probe identified the misconduct of the trust account after the business failed to lodge its annual audit report.
A receiver appointed by the OFT identified a shortfall in the trust account, then prepared a report for the OFT indicating that Gale owed 26 people money.
In total, Gale’s offences included 21 counts of knowingly making false entries into her company’s trust account books and records, six counts of failing to make proper payments from the trust account, one count of failing to lodge an annual audit report, and one count of failing to keep proper books and records.
Gale’s company, K & C Real Estate Pty Ltd, was also disqualified from holding a real estate licence for 10 years.
The watchdog compensated the claimants following this report and its own investigations by approving more than $69,000 in payments from a statutory claims fund.
Queensland government said the offences signified a breach of trust, professional standards, and the law.
Fair Trading commissioner Victoria Thomson warned that anyone misusing trust accounts would face legal action taken against them.
“Trust money isn’t there for the real estate agents to do with it what they will,” she said.
She added that Queensland renters and property owners trust real estate agents to handle their money correctly.
“Any real estate agent misusing trust accounts will be investigated by OFT.”
“OFT will continue to take action against dishonest property agents who are breaking the law,” Thomson concluded.
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