PHOTO: Perth Magistrates Court
A failed Perth real estate group has been fined $7,500 for paying more than $220,000 of clients’ money held in a trust account to “unauthorised persons” including the wife and another family member of the agency’s manager.
The company – formerly known as Real Estate Masters of Cannington and now in liquidation as Austpride Pty Ltd – had a trust account for funds held on behalf of its clients, but over a four-month period from August to December in 2015, 12 withdrawals were made that raised red flags.
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