Aussie real estate agent cops 3 years jail time

PHOTO: Real estate agent jailed. FILE

A former real estate agent has been sentenced to prison for mishandling over $58,000 in trust funds and committing other misdemeanors.

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Graham John Patterson pleaded guilty to one count of trust account fraud in the Brisbane Supreme Court on June 13, 2023.

Previously serving as co-director of Warragrove, operating as Leo & Co Property Management, Mr. Patterson resigned as director in September 2018 but continued to work as the licensee in charge.

The court learned that between December 2018 and May 2019, Mr. Patterson wrote 56 unauthorized checks from the trust accounts under the management of the firm.

During this time, a total of $58,377 was unlawfully transferred from the trust account to six different bank accounts across three different banks, with Mr. Patterson being the sole signatory for all these accounts.

Following an investigation by the Office of Fair Trading (OFT) and the Queensland Police, it was revealed that the director of Warragrove, who had control over the trust account, did not grant Mr. Patterson permission or authorization to use or withdraw the funds.

Mr. Patterson received a three-year prison sentence for mishandling the funds and an additional five-year prison sentence for his involvement in other matters related to the Queensland Police.

In total, the former agent was sentenced to eight years of imprisonment.

It is worth noting that the director of Warragrove fully reimbursed the trust account, covering the entire amount.

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Fair Trading Commissioner Victoria Thomson emphasized that “trust money does not belong to agents.” She further highlighted that agents who misuse trust funds will be held accountable.

“Trust money cannot be borrowed or used for unauthorized purposes. Fraudulent actions are taken seriously, and the Office of Fair Trading will thoroughly investigate and take action against those who mishandle trust funds,” stated Ms. Thomson.