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A real estate agent who diverted more than $1.6 million from a trust fund to his own account has reportedly been sentenced to six years in jail.
According to the ABC, former Brisbane real estate agent James Robert Lyons stole the money between 2011 and 2013.
The ABC reported Mr Lyons pleaded guilty to two charges of fraud and one charge of attempted fraud.
Brisbane District Court heard Mr Lyons had a gambling addiction and he had used the money for his own benefit.
REB contacted the Brisbane District Court and Queensland’s Department of Justice but they said they had no further comment on the matter.
The news comes on the back of a number of agents and agencies facing fines for legislation breaches, with a real estate agent in Western Australia being reprimanded and fined after a number of property management “failures” and “sloppy” practices.
Real estate agents were also reminded of their obligations when selling properties after an agency was found to be in breach of the law on a recent sale.
ASIC also recently banned a real estate chief from providing financial advice after it was found the company unlawfully carried on an unlicensed financial services business for more than five years.
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