Agent fined for using client’s deposit to pay off own mortgage

ACT real estate agent Mark Blinksell, ex-director of Grapevine Property & Business, has been fined $10,000 after using a client’s deposit from a trust fund to pay down his own mortgage.

In February, Property Observer reported that Blinksell had his license cancelled for five years and had been disqualified for applying for a real estate of business salesperson’s registration for three years after he was found guilty of engaging in dishonest conduct by misapplying deposit monies received in 2013.

The deposit funds, that had been received around 7 January, 2013, in his role as vendor’s agent, were effectively stolen. He subsequently misrepresented and lied about where the funds were. He had been engaged by the vendor in October 2012, and received $22,000 in a deposit cheque from the buyers in the January.

Blinksell was given a six-month suspended jail sentence and a three year good behaviour bond. He had paid back the money with interest.

ACT Commissioner for Fair Trading Brett Phillips said that the ACT government takes real estate agents’ breaches of the law seriously.

"Real estate agents regularly handle large sums of money for their clients, and it is vital that they understand the gravity of such a responsibility," said Phillips.

Blinksell had operated Grapevine since 2009. He previously held positions at Mirvac and Capital Property Trust.