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A real estate agent has been sentenced to nine months’ imprisonment and ordered to pay over $90,000 for accessing trust funds for his own use.
Daniel Nicholson, the sole director of Nicholson Property Group Pty Ltd, trading as Kings Northern Beaches in Sydney, was convicted of three offences under the Property Stock and Business Agents Act and sentenced to nine months’ imprisonment, to be served by way of an Intensive Correction Order. He was also ordered to pay more than $92,000 in reparation costs to his victims.
Over a period of two years from 10 August 2012 to 14 August 2014, Nicholson took over $92,000 from the Kings Northern Beaches Sales and Rental Trust Accounts.
During Fair Trading’s investigation, Nicholson admitted to stealing the funds to support his gambling habit.
NSW Fair Trading Commissioner Rod Stowe reminded agents that trust account fraud is a serious offence and warned that Fair Trading will actively pursue anyone who fails to comply with trust account obligations.
“For most people, real estate is the most significant investment they will ever make,” Mr Stowe said.
“Real estate agents should be trusted with considerable amounts of money and those who take advantage of this position will be held accountable.”
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