A Canley Heights real estate agent has been convicted of fraud after transferring more than $300,000 in client trust funds to his personal account, Minister for Better Regulation Matt Kean said.
David Tang, 35, was found guilty in Parramatta Local Court of fraudulently transferring money from his company’s trust account when he was the sole director.
Mr Kean said Tang was sentenced to 12 months imprisonment, to be served through an Intensive Correction Order.
“Fair Trading’s investigation found Tang transferred more than $378,000 from the company’s rental trust account to his personal account and the company’s general account between June 2015 and June 2016,” Mr Kean said.
“This sort of rorting is completely unacceptable and should serve as a warning to businesses that they won’t get away with pocketing client money for their own benefit.
“People should be able to trust real estate agents with arguably their most significant asset and this behaviour erodes that trust.”
“I’m committed to putting consumers first in this state and Fair Trading will continue to go after those who aren’t doing the right thing.”
Intensive Correction Orders involve the offender serving their sentence in the community under strict conditions, while also performing community service.
Tang has been ordered to pay more than $75,000 to the NSW Property Services Compensation Fund, which has reimbursed his affected clients.
Tang has the right to lodge an appeal.