27 June 2023

In their latest Property Matters issue, NSW Fair Trading has reported on the outcome of a joint investigation undertaken with NSW Police. The investigation was carried out over a two-year period and was based on the suspected trust account fraud of an agent operating out of Penrith, NSW.

The offending agent has been sentenced to two years imprisonment and has been ordered to repay $164,554 to the compensation fund.

NSW Fair Trading reports further on the issue:

Penrith real estate agent charged with 121 counts of fraud

A Penrith real estate agent has been charged with 121 counts of fraud following a two-year joint investigation with NSW Police and NSW Fair Trading.

The investigation followed reports of money theft from the rental and sales trust accounts of a Penrith real estate agency. The offender denied the allegations, failed to provide any records and deliberately obstructed the investigation. 

Our Real Estate Investigations Unit gathered evidence from banking institutions which showed a pattern of continuing and organised theft of trust money.

The offender was sentenced to two years imprisonment to be served by an intensive correction order and was ordered to repay $164,554 to the compensation fund.

Our Real Estate Investigations Unit continues to address misconduct in the industry to make NSW safer, fairer and more productive for consumers, workers and businesses. Visit our Trust accounts and audit requirements web page for more information about real estate trust accounts.

The news follows disciplinary actions taken against agents in other states for related charges.