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A Brisbane-based agency has been fined $25,000 and permanently disqualified from holding a licence after trust account breaches.
East Coast Investments Pty Ltd, trading as Property Shop Qld and Ardent Property Group, was found guilty of two counts of unlawful withdrawals from a trust account and one count of making false representations.
According to the Queensland Office of Fair Trading, an investigation was launched following a report from an auditor that identified two suspect transactions totalling approximately $22,000.
The investigation also identified that a document purporting to show a deposit of $43,900 into the trust fund had been falsified.
East Coast Investments were permanently disqualified from holding a licence under the Property Agents and Motor Dealers Act 2000.
East Coast Investments Pty Ltd, trading as Property Shop Qld and Ardent Property Group, was found guilty of two counts of unlawful withdrawals from a trust account and one count of making false representations.
According to the Queensland Office of Fair Trading, an investigation was launched following a report from an auditor that identified two suspect transactions totalling approximately $22,000.
The investigation also identified that a document purporting to show a deposit of $43,900 into the trust fund had been falsified.
East Coast Investments were permanently disqualified from holding a licence under the Property Agents and Motor Dealers Act 2000.
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