A former real estate agent has been sentenced to three year’s jail with a non-parole period of two years, after pleading guilty to stealing more than $400,000 from his clients.
Minister for Better Regulation Matt Kean said the sentence against Michael Raoul Edwards was a warning to real estate agents that dishonest behaviour would not be tolerated.
“Dodgy agents are on notice - I’m putting consumers first,” Mr Kean said.
“You can’t engage in corrupt or dubious behaviour and expect to get away with it.”
Earlier this year, Mr Edwards pleaded guilty to the misappropriation of more than $400,000 in funds from his real estate agency accounts.
“You can try to hide the evidence, but Fair Trading will find you,” Mr Kean said.
NSW Fair Trading began investigating the activities of Mr Edwards and his company, Pittwater Property Management Pty Ltd, trading as Edwards & Orr, in 2013.
No trust fund records were found but Fair Trading was able to reconstruct the company’s business structure using statutory powers and the cooperation of former clients.
The investigation uncovered a prolonged and systematic deception, breaching the trust of business colleagues and consumers, comprising $389,459.06 fraudulently converted from trust funds and $22,835.30 dishonestly obtained by deception.
In January, NSW Fair Trading disqualified Mr Edwards from being involved in the direction, management or conduct of the business of a licensee under the Property, Stock and Business Agents act for eight years.
Mr Edwards’ application for bail was denied and his appeal will be heard later this year.
