A former real estate agent has been fined after misappropriating money that was given to him as deposits for units in a Narwee development.
In September 2012 Alan Temelkov, director of Tyron Holdings Pty Ltd, trading as AMJ Properties, was contracted to manage the sale of a number of units in a Narwee development.
Tyron Holdings Pty Ltd received a number of house deposits which should have been deposited into a trust account and held on behalf of the sellers until completion of the sale.
NSW Fair Trading was notified and said during an investigation Mr Temelkov admitted that instead of depositing the funds in the trust account he instead spent the money on business expenses and his personal gambling habit.
The sellers were left significantly out of pocket and had to turn to the Property Services Compensation fund for restitution.
Mr Temelkov was convicted of seven offences under the Property Stock and Business Agents Act and sentenced to 18 months imprisonment, to be served in the community.
He was also ordered to pay over $235,000 in reparation for his offences.
Fair Trading Commissioner, Rod Stowe said that they will actively pursue anyone who fails to comply with their trust account obligations.
“Property is a significant purchase. Real estate agents should be trusted to deposit payments received for sales into the correct account,” he said.
Mr Temelkov was sentenced on Thursday, September 8 and has 28 days to appeal.
