A real estate agent has been disciplined by the Queensland Civil and Administrative Tribunal for taking funds due to property owner clients when he was not entitled.
Michael Simmons who was the residential letting agent for Burleigh Point Apartments became bankrupt in July 2013 and the Office of Fair Trading appointed a receiver to the trust account.
Numerous owners made claims against the OFT fidelity fund. A total of nearly $39k was paid out to various parties for missing rents, bonds and deposits.
Simmons had withdrawn more than $12,000 to which he was not entitled at random dates various lump sums.
His defence that it was an employee who was responsible for the misappropriation was rejected.
He was ordered by the Queensland Civil and Administrative Tribunal to pay a fine of $3000 and was barred from holding a real estate licence for 10 years.