Former estate agent’s representative John William Petsinis has given an undertaking to be on good behaviour for 12 months, after pleading guilty to five charges relating to his misuse of funds.
In early 2018, Mr Petsinis, 34, of Eaglemont, was working for estate agent Collinsbruce Pty Ltd (trading as Hockingstuart Preston).
Mr Petsinis, on behalf of Hockingstuart Preston, entered into an agreement with a land development business to market that company’s property development. The client paid a fee of $20,000 into a private bank account that Mr Petsinis supplied. Under the law, this money should have gone into Hockingstuart Preston’s trust account.
Mr Petsinis pleaded guilty to:
- not immediately paying the $20,000 into the required Hockingstuart Preston trust account
- ‘fraudulently converting’ the $20,000 for his own use
- not acting fairly and honestly, and not acting in his principal’s best interest, in his duties as an agent’s representative
- engaging in conduct detrimental to the estate agency industry’s reputation.
Mr Petsinis was also ordered to pay costs of $444 and contribute $500 to the court fund.
Mr Petsinis no longer works at Hockingstuart Preston and he is not eligible to hold an estate agent’s licence or work as an estate agent’s representative.
The matter was heard in the Heidelberg Magistrates’ Court.