Mr Ryan Robert Charlton was the sole director and shareholder of Condor Real Estate Pty Ltd a property management business, at Ermington. At its peak, the business managed 35 properties on behalf of 17 different landlords.
On 13 August 2020, Parramatta Local Court convicted Mr Charlton of fraudulently converting $76,130 from his trust account and for being knowingly concerned in the carrying on of a real estate business without the appropriate licence.
The court heard that on 3 April 2018, NSW Fair Trading investigators inspected Condor’s office during which Mr Charlton admitted he had a gambling problem and was “juggling” accounts by transferring money between the trust account and his general business account.
Eventually there wasn’t enough money to go around, which caused him to stop paying landlords and utilities.
NSW Fair Trading Commissioner Rose Webb said this prosecution sends a clear message that real estate agents need to act in accordance with the law.
“The majority of people in the industry do the right thing but Fair Trading will go after those that don’t,” Ms Webb said.
The court also ordered Mr Charlton to perform 220 hours of community service and pay $52,980 in compensation.