Brisbane estate agent disqualified for decade after trust fund misappropriation

Paul Wilsher, a Brisbane real estate agent has been disqualified from working in the industry for 10 years by the Brisbane Magistrates Court following an Office of Fair Trading (OFT) investigation.

Paul James Wilsher, director of Spot4Rent, was also fined $15,000 and ordered to pay court costs after he pleaded guilty to misappropriating trust money.

A conviction was recorded. He was ordered to pay the fine and court costs within three months, or will face imprisonment.

He ran the business for six years.

The court heard that between 1 January 2016 and 13 May 2016 Mr Wilsher transferred a total of $14,056.41 from Spot4Rent’s trust account to his personal account for personal expenses.

The OFT appointed receivers over the business in July 2016 and found an $18,375.41 shortfall in the trust account.

Affected consumers were repaid loses via a claim fund administered by the OFT, which Mr Wilsher will be pursued to reimburse.

The court further heard that Mr Wilsher knowingly failed to appoint an auditor and have his trust account properly audited for the financial period 1 October 2015 to 30 September 2016.

In sentencing, the court considered Mr Wilsher’s guilty plea, his personal circumstances and remorse, but said a strong message had to be sent to other real estate professionals.

Fair Trading Executive Director Brian Bauer said Mr Wilsher’s behaviour was disappointing and a stain on the real estate industry.