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A Kyneton real estate agent has seen her licence revoked following the mishandling of trust accounts and failing her audit obligations.
Former Ray White Romsey operator Debra Lawry has been permanently banned from practising as an estate agent after misusing $193,000 in client trust funds and breaching several legal requirements.
As well as losing her licence, Lawry was fined the maximum penalty of $5,000 in disciplinary hearings.
According to Consumer Affairs Victoria (VCAT), Lawry, the officer in effective control of Bovicelli Investments Pty Ltd trading as Ray White Romsey, failed to have the agency’s trust accounts audited over four years.
Between 2019 and 2023, Lawry, who traded as Debra Watchman, did not arrange for the agency’s trust accounts to be audited within the legally required three months at the end of the financial year.
In September 2024, the watchdog launched legal action against Lawry for failing to arrange trust account audits despite receiving multiple warnings and fines.
At one stage, Lawry even assured VCAT officers that an auditor was being arranged yet failed to comply with the request.
Under the Estate Agents Act 1980, agents must have their trust account audited, with failing to do so constituting a serious breach of their regulatory responsibilities.
While the investigation was ongoing, Lawry became the sole signatory of her business’ trust account and withdrew money unlawfully.
According to 9news and other media outlets, ahead of her September 2024 hearing, which she did not attend, Lawry allegedly fled the country to Europe.
Lawry’s current whereabouts remain unknown as VCAT told REB she did not attend her October 2025 hearing.
VCAT ruled that cancelling Lawry’s and Bovicelli’s estate agent licences was necessary to protect the public, citing her conduct as damaging to the industry’s reputation.
A Consumer Affairs Victoria spokesperson told REB that trust in the real estate industry was primordial.
“Agents who deliberately take trust money for their own use should not be working in the industry,” the spokesperson said.
“Breaching trust account obligations is a crime. Real estate agents must understand their legal obligations – ignorance is not an excuse for failing to meet them.”
VCAT said estate agent misconduct was a priority, with the watchdog focusing on trust account management, resulting in multiple disciplinary actions and criminal prosecutions for audit failures and fund mismanagement.
Consumer Affairs Victoria director Nicole Rich said the outcome was welcomed, given the seriousness of the breach.
“Trust money is just that – it doesn’t belong to an estate agency but is held on behalf of clients,” Rich said.
“We’ll continue to hold agents accountable and take strong action where consumer trust is abused.”
The watchdog said that in addition to permanently losing her real estate licence, Lawry could also face criminal prosecution due to the severity of her offences.
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