Former Craigieburn agent loses appeal against 12 month jail sentence

Former Craigieburn agent loses appeal against 12 month jail sentence
Jennifer DukeDecember 7, 2020

Kostantinos Balasis, a former Craigieburn real estate agent, has been sentenced to a 12 month jail term with six months non-parole after his appeal was rejected by the Victorian County Court.

Balasis had admitted to trust account offences that totalled deficiencies of $438,395.

Not only was his appeal recently rejected, but his previous compensation order of $203,992 was hiked up to $305,092. He is also liable to pay costs.

Had Balasis not plead guilty, Magistrate Patrick Sothey warned he would have imposed a 20 month prison sentence with 10 month non-parole period.

His sentence was ruled appropriate by the Court on appeal due to the large sum of money involved, breach of trust, breach of statutory duty and breach of fiduciary obligations to his consumers.

Balasis’ company Victorian Realty Group Pty Ltd operated as Century 21 Complete Properties Craigieburn from 2009 to 2012.

Between January 2011 and August 2011, he converted $346,900 worth of deposits from 12 Craigieburn townhouses for his personal use, without returning it. He also did not pay two sellers of a property in Roxburgh Park the $25,000 he was holding for them in April 2012. First, he gave them a cheque that bounced before providing a second cheque, which also bounced.

In May 2012, Balasis failed to provide two home buyers a deposit of $35,995 after they rescinded from buying a Craigieburn home. The cheque also bounced in this instance.

In July 2012, Balasis neglected to pay a seller the $30,500 deposit that she was entitled to after selling her home.

Consumer Affairs Victoria began an investigation of Century 21 Craigieburn in April of that year, seizing documents that lead to criminal prosecution.

The affected consumers have made claims against the Victorian Property Fund.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Editor's Picks