A real estate agency that stole $220,000 in client funds before collapsing has been fined just $7,500 after being convicted on 12 charges, but the prosecuting agency insists the matter is far from resolved.
Austpride, which formerly traded as Real Estate Masters in the Perth suburb of Cannington, was convicted last week of 12 counts of unlawful use of trust account funds, after 12 withdrawals totalling $220,742 were made between August and December 2015.
Of those withdrawals, three found their way into the credit card accounts of the wife of the agencys manager and another family member.
Three more charges were also laid for failing to adequately reconcile the trust account for October, November and December 2015.
Austpride is now in liquida…
Read the full article at: https://www.mybusiness.com.au/management/4855-company-fined-7k-after-220k-client-theft