PHOTO: Sydney. File
A former Sydney real estate agent has been sentenced to a 20-month intensive correct order after mishandling $187,500 from his clients.
Between November 2010 and March 2012, the company received deposits for off the plan apartments. Construction was scheduled to start in June 2011 with the strata plans to be registered in December 2013.
In late 2013, it emerged the building’s strata plan had not been registered. Buyers cancelled their contracts and asked for their money back but were refused.
NSW Fair Trading subsequently investigated Empire’s bank records, which revealed that soon after each deposit was received the money was moved elsewhere instead of being held in trust.
Valerie Griswold, Fair Trading NSW Executive Director of Investigation and Enforcement said the case sends a strong message to real estate agents.
“Most real estate agents are doing the right thing, but we have to make sure any that aren’t are investigated and dealt with appropriately,” Ms Griswold said.
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