A former real estate agent who siphoned nearly $75,000 of clients’ funds from his agency’s trust account in a series of multiple small transfers, has been convicted and sentenced in the Melbourne Magistrates’ Court.
Jean-Noel Alain Philippe Gillet, 63, of Dandenong, transferred sums of between $50 and $300 each from the trust account of his agency, Agent 96 Real Estate, between March 2019 and January 2020.
Gillet pleaded guilty to two rolled-up charges which reflected 941 instances where he had caused a deficiency in a trust account or fraudulently converted money for his own use.
He was convicted and sentenced to a 12-month community corrections order, which includes a requirement to perform 200 hours of community service.
He was also ordered to pay $74,613 in compensation to the Victorian Property Fund, which provides financial protection for consumers adversely affected by trust account defaults. The Fund has compensated the clients financially impacted by Gillet’s actions.
Consumer Affairs Victoria Director Nicole Rich welcomed the outcome.
‘Trust account money belongs to consumers – and agents who misuse it are engaging in serious misconduct,’ she said.
Anyone who misuses trust account funds – regardless of the amounts involved - can face penalties including substantial fines, losing their licence to practice, or jail for more serious offences.’
Consumer Affairs Victoria first became aware of the alleged offences after Gillet self-reported personal use of trust funds by letter and phone. Who you would go to specialist advice on this matter
If you are seeking specialist advice regarding issues related to trust account misuse, real estate regulations, or legal matters involving financial misconduct, you may consider the following professionals:
Real Estate Lawyer: A lawyer specializing in real estate law can provide guidance on legal implications, potential liabilities, and the rights of consumers and agents in trust account matters.
Accountant or Forensic Accountant: An accountant with experience in real estate transactions can help analyze financial records and provide insights into trust account management and compliance.
Consumer Protection Agency: Contacting a local consumer protection agency, such as Consumer Affairs Victoria, can provide information on your rights and the processes for reporting misconduct.
Real Estate Regulatory Body: In Victoria, the Victorian Building Authority (VBA) or the Real Estate Institute of Victoria (REIV) can offer resources and guidance on compliance with trust account regulations.
Financial Advisor: If you are a consumer affected by trust account misuse, a financial advisor can help you understand your options for recovering lost funds and managing your finances moving forward.
Legal Aid Services: If you require legal assistance but cannot afford a private lawyer, legal aid services may provide support or direct you to appropriate resources.
It's important to choose a professional with relevant experience in the specific area of concern to ensure you receive accurate and effective advice.