A Canley Heights real estate agent who transferred more than $300,000 in client trust funds to his personal account has been found guilty of fraud.
David Tang, 35, was sentenced to 12 months imprisonment, to be served through an Intensive Correction Order, after been convicted of fraudulently transferring money from his company’s trust account when he was the sole director.
He was also ordered to pay more than $75,000 to the NSW Property Services Compensation Fund, which will reimburse the affected clients.
A Fair Trading 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.
Minister for Better Regulation Matt Kean said this sort of rorting is “completely unacceptable”.
“It should serve as a warning to businesses that they won’t get away with pocketing client money for their own benefit,” he said.
“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.”
Tang has the right to lodge an appeal.
This article appeared in the Fairfield City Champion.
