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A prominent former Hunter Valley real estate director and self-described “energetic coach” has been convicted for 11 offences.
Natasha McElwaine, previously the director of McElwaine Estate Agents in East Maitland, has been found guilty of 11 offences under the Property and Stock Agents Act, following a successful prosecution by NSW Fair Trading.
McElwaine, who has been fined $7,200 and ordered to serve a 15-month intensive corrections order, has the right to appeal the court’s decision.
An investigation by NSW Fair Trading discovered that the director had fraudulently converted $940,280 of trust money, and kept a further $280,597 outside a trust account. In total, $1,220,877 in funds were subject to prosecution.
McElwaine stated that her motive was to keep debts under control, not to make a profit. She remortgaged her home in order to repay the company’s trust account, with the result that all funds were returned within a month and “no vendor was left out of pocket”.
It does not appear McElwaine has any current association with the business, which is still in operation in the Maitland area under different leadership.
McElwaine now runs a business as a life coach and energy worker.
Her personal coaching website states: “In the past, Natasha erroneously associated material wealth and lifestyle with success. Now, she recognise[s] that time itself is the most precious asset.”
Petrina Casey, acting NSW Fair Trading Commissioner, stated that the prosecution serves as a “timely reminder” to real estate agents that “trust account fraud will not be tolerated”.
“NSW Fair Trading takes a proactive approach to protecting consumer rights and holding real estate and stock agents to account.”
“Consumers should inform themselves as much as possible by checking reviews of the business and verifying they have the appropriate licensing and registrations prior to making any decisions or paying large deposits,” said Casey.
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