St Albans conveyancer Anh Ngoc Nguyen has been fined $2500 and had his provisional conveyancer’s licence suspended for a year over trust account irregularities.
The Director of Consumer Affairs Victoria took action against Mr Nguyen, also known as Alex Nguyen, after a compliance inspection of his business Compact Conveyancing Services in late 2011 revealed he had received trust money but had not paid it into a trust account.
The inspection also revealed failures to comply with trust accounting regulations. Mr Nguyen’s licence was suspended by the Director on 25 November 2011.
On 26 April 2012, Mr Nguyen agreed before the Victorian Civil and Administrative Tribunal that he would pay a $2500 fine to the Victorian Property Fund within 30 days, and to have the suspension of his provisional licence extended for a further period of one year.
Mr Nguyen agreed to enrol in a conveyancers course and complete all requirements set out in the Regulations, including competency in the management of trust accounts.
If he proves to have established this competency, Mr Nguyen may regain his licence earlier, but not before 31 December 2012.