Login
iscover
Yet another former Victorian agent has been charged with misappropriating more than $100,000 in clients’ funds.
Consumer Affairs Victoria has alleged that Lawrence Paul Vella, who was the officer in effective control of Western Suburbs outfit Prestige Property Agents (Vic), took out $105,915 of clients’ money from his company’s trust account between April and June 2019.
He has been charged with four counts each of having a deficiency in his trust account and of wrongfully converting trust money to his own use. An external accounting firm first identified concerns with the trust account.
If found guilty of the charges, Mr Vella could be sentenced to up to 10 years in jail, and be liable to pay maximum penalties of more than $92,000.
It follows the news that another former agent, Kylie Jane Campbell, was convicted and sentenced to a three-year community corrections order and 300 hours of unpaid community work for withdrawing more than $100,000 from her agency’s trust account for her own purposes.
According to a statement from Consumer Affairs Victoria, the matter has been adjourned to a committal mention on 1 February 2023.
Consumer Affairs director Nicole Rich has used the case as yet another reminder that agents who mismanage trust accounts face potential penalties, including “fines, losing their licence to practice, or jail for more serious offences”.
“Clients reasonably expect the estate agents they engage to buy and sell their properties to fulfil their legal responsibilities, and not to place them at financial risk or disadvantage,” Ms Rich said.
The latest update from Consumer Affairs follows the finding that real estate services are one of the least ethical professions across the country, in the eyes of consumers.
The Governance Institute of Australia’s annual Ethics Index showed that real estate agents were viewed as one of the least ethical occupations, closing out the bottom three of the pile behind state and federal politicians.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
You are not authorised to post comments.
Comments will undergo moderation before they get published.