Agent fined for trust account breaches

A Sunshine Coast real estate agent has been fined $5000 in the Maroochydore Magistrates Court after the Office of Fair Trading brought charges for trust account breaches.

Geoffrey Leadley of Limelight Holdings Australia P/L (trading as Remax Property Specialists) pleaded guilty to one count of illegally using trust account monies. The court heard Mr Leadley withdrew an unauthorised amount of $13,750 from a trust account

Mr Leadley was also disqualified from holding a licence under the Property Agents and Motor Dealers Act 2000 for five years.

Consumers have access to a claim fund to compensate them for financial loss resulting from certain unlawful actions by property agents. Compensation of $13,750 has been paid to the affected consumers in this matter from the claim fund.

The OFT is pursuing Mr Leadley for reimbursement of the claim.