A summary of the unethical practice. Jean-Noel Alain Philippe Gillet, a former real estate agent, was convicted of siphoning nearly $75,000 from his agency's trust account through 941 small transfers between March 2019 and January 2020. He pleaded guilty to two charges and received a 12-month community corrections order, including 200 hours of community service. Additionally, he was ordered to pay $74,613 in compensation to the Victorian Property Fund, which protects consumers from such misconduct.
An explanation of how the unethical practice relates to Estate Agents Act 1980 or Regulations. Jean-Noel Alain Philippe Gillet's unethical practice of siphoning funds from the trust account directly violates the Estate Agents Act 1980 (Victoria). This Act mandates that real estate agents maintain a trust account for securely holding clients' funds and explicitly prohibits the misappropriation of these funds. Additionally, it includes provisions for reporting discrepancies and ensuring agent accountability.
If you were the OIEC of an agency, what policies and procedures could be applied to stop this practice happening to ensure ethical practice. Some practices a OIEC of an agency could implement are security and technology -Limit access to trust account information to only those employees who need it for their job -Utilize secure accounting software Regularly review and update policies Client Communication and Transparency -Regular Statements -Client Education Training and Education -Mandatory Training -Updates on Regulations
Who you would go to specialist advice on this matter. Consumer Affairs Victoria (CAV)They offer information and assistance concerning consumer rights and can help with complaints related to real estate agents and trust account matters or a lawyer.
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