Gold Coast property agent jailed for trust account breaches

The Southport Magistrates court has jailed Gold Coast property agent Steven Chen from United Property Specialists for nine months for $300,000 of breaches relating to the management of trust accounts.

Chen pleaded guilty to five charges of improperly paying out trust account money and one charge of carrying out the business of a real estate agent without the appropriate licence, according to Queensland Office of Fair Trading.

Between July 2011 and November 2011 Chen made unauthorised withdrawals and transfers from trust accounts, costing his clients $324,480.

He failed to account for the monies or pay them to those entitled to them.

He was found guilty of improperly paying out trust account money and carrying out the business of a real estate agent without the appropriate licence.

Chen was also permanently disqualified from holding a property agent’s licence.

He will serve three months before being considered for conditional release.