Noble Park real estate agent David Mao has had his licence suspended for three months over a deficiency of between $5000 and $26,000 of clients’ money paid into his estate agents trust account.
On 5 April 2011, the Victorian Civil and Administrative Tribunal found that the Director of Consumer Affairs Victoria had grounds for taking action against Mr Mao, and ordered that his licence be suspended for three months from 6 June 2011.
The deficiency of money in the trust account occurred between 8 January 2007 and 19 March 2008. Mr Mao reimbursed $19,000 on 18 March 2008 to correct the deficiency.
Mr Mao was also ordered to pay $5000 to the Victorian Property Fund by 5 August 2011.