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A court convicted Alice Gunning of four breaches of the Property, Stock and Business Agents Act 2002, and she will now serve a 12-month intensive correction order.
The wife of former REINSW president Malcolm Gunning has also been ordered to pay $1,150 in fines.
An investigation by NSW Fair Trading found an employee of Guncom, which Ms Gunning was a former director of, had misappropriated rental bond money.
She pleaded guilty to three offences, which included failing to have her business’s trust account audited, failing to supervise staff appropriately and breaching the rules of conduct under the act.
But she pleaded not guilty to the fourth alleged offence that she was knowingly concerned as a director of a company that fraudulently converted $98,800 of trust money.
However, Magistrate Hockey at the Parramatta Local Court found Ms Gunning guilty on all four offences.
She was sentenced to an intensive correction order with conditions and will have to complete 150 hours of community service.
NSW Fair Trading executive director Valerie Griswold said this decision highlights the serious responsibility that comes with managing a trust.
“Monies held in trust are working funds that underpin every real estate business and must be handled in accordance with the applicable legislation,” Ms Griswold said.
“A trust is there to protect each party involved in a transaction, and the integrity of your business depends on how well you manage your trust.”
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