Zhenhua Yang and Ausco Real Estate Pty Ltd - Commencement of action

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23 February 2021
Court actions

The Director of Consumer Affairs Victoria has started criminal action against Zhenhua Yang (also known as Bruce Yang) and Ausco Real Estate Pty Ltd (Ausco) (ACN: 164 104 858), for alleged breaches of Victorian estate agent laws.

It is alleged that Mr Yang, 39, of Moorabbin, and Ausco in Heatherton, misused $3,260,000 that was meant to be held in a trust account.

The alleged contraventions occurred in 2017 between 10 February and 27 November, when Mr Yang withdrew funds from Ausco’s real estate trust account and transferred them into another Ausco bank account.

We discovered the deficiencies after inspecting Ausco’s trust account and business records.

Mr Yang was the Officer in Effective Control of Ausco.

A committal mention hearing for the matter is listed at the Melbourne Magistrates’ Court on 14 April 2021.