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 aus
If you are seeking specialist advice regarding issues related to trust account misuse in real estate, or if you have been affected by similar misconduct, you may consider the following options in Australia:
Consumer Affairs Victoria (CAV): They provide information and support regarding consumer rights and can assist with complaints related to real estate agents and trust account issues. You can contact them for guidance on your specific situation.
Real Estate Institute of Victoria (REIV): This organization represents real estate professionals in Victoria and can provide resources and advice regarding ethical practices and compliance in the industry.
Legal Advice: Consulting with a lawyer who specializes in real estate law or consumer protection law can provide you with tailored legal advice. They can help you understand your rights and options if you have been affected by trust account misuse.
Financial Ombudsman Service (FOS): If you are a consumer who has suffered financial loss due to the actions of a real estate agent, you may be able to lodge a complaint with the FOS, which can investigate and resolve disputes.
Accountants or Financial Advisors: If you need advice on financial recovery or managing the impact of such misconduct on your finances, a qualified accountant or financial advisor can provide assistance.
Professional Associations: If you are a real estate agent seeking guidance on compliance and ethical practices, consider reaching out to professional associations that offer resources and support for agents.
Always ensure that any advice you seek is from a qualified professional with expertise in the relevant area.