Sunnybank real estate agent receives hefty fine and 10-year ban
- A Sunnybank real estate agent has been fined and banned from the industry for 10 years following an investigation by the Office of Fair Trading (OFT).
- Queensland real estate agents are reminded that trust money does not belong to them, and they can’t access it for personal expenses.
A Sunnybank real estate agent and her company have been fined a total of $30,000 in the Holland Park Magistrates Court following an OFT investigation.
Phuc Ngoc Nguyen and her company Christopher Midas Pty Ltd, trading as Julie’s Realty, also had their real estate licences cancelled and have been disqualified from the industry for 10 years.
Ms Nguyen pleaded guilty to 35 charges relating to failing to bank cash into the trust account, wrongfully converting amounts in trust, and failing to pay bonds to the Residential Tenancies Authority (RTA).
Between August 2022 and July 2023, Ms Nguyen received 31 cash payments totalling over $23,280 for real estate property transactions and failed to bank them into the trust account.
Ms Nguyen also falsified 11 trust account receipts to show she had paid rent totalling $17,600 for the agency’s commercial premises when in fact no rent was paid.
In addition, Ms Nguyen failed to remit three statutory bonds on behalf of tenants to the RTA within the legislative timeframe.
All the money has since been returned and correctly disbursed from trust.
No convictions were recorded.
If you believe an agent has been mishandling trust money you can lodge a complaint with the OFT online or call 13 QGOV (13 74 68).
Quotes attributable to the Commissioner for Fair Trading, Victoria Thomson:
“Queensland renters and property owners expect real estate agents to handle their money properly, in line with the law.
“Any real estate agent who takes money from a trust account without proper authority is committing a crime.
“While most real estate agents are doing the right thing, the Office of Fair Trading will take action against any agents who are breaking the law.”
–ENDS–