A Mount Eliza estate agency and its director and officer in effective control have each been penalised $8,500 for contravening Victorian estate agent laws.
The Frankston Magistrates’ Court found that between June 2015 and March 2016, Ms Helen Sly, 64, of Mount Eliza, knowingly authorised or permitted Bay Life Properties to:
- cause a deficiency in its trust accounts, ranging from $500 to $58,000, by not having sufficient funds in the trust account at all times
- on five occasions, fraudulently convert trust money to its business cheque account before it was entitled to the funds. The five transfers totalled $14,500
- fail to keep full and accurate accounting records showing particulars of each transaction, and
- fail to correctly balance accounts at the end of the month.
We became aware of these offences after undertaking an inspection of the business following the receipt of a qualified trust account audit report.