PHOTO: FILE
Phuc Ngoc Nguyen, the operator of Christopher Midas Pty Ltd, trading as Julie’s Realty in Sunnybank Hills, Brisbane, appeared in Holland Park Magistrates Court for trust account violations.
The Office of Fair Trading discovered that between August 2022 and July 2023, Nguyen received 31 cash payments totaling over $23,280 for real estate transactions but failed to deposit them into the trust account. Additionally, she falsified 11 trust account receipts to show rent payments of $17,600 for the agency’s commercial premises, although no rent was actually paid.
It was also revealed that Nguyen failed to remit three statutory bonds to the Residential Tenancies Authority (RTA) within the required time frame.
Nguyen pleaded guilty to 35 charges, including failing to bank cash into the trust account, misappropriating funds, and failing to pay bonds to the RTA. Fair Trading confirmed that all funds were eventually returned and disbursed correctly from the trust.
As a result, Nguyen was fined $30,000, had her real estate licence revoked, and was disqualified from the industry for 10 years. Her company’s licence was also cancelled.
Queensland’s Commissioner for Fair Trading, Victoria Thomson, emphasized that while most real estate agents comply with regulations, the Office of Fair Trading will take action against those breaking the law. She highlighted the severity of trust account breaches, stating that real estate agents who misuse trust account funds are committing a crime.
SOURCE: REB