Northern Beaches estate agent Daniel Nicholson convicted of trust fund fraud

NSW Fair Trading recently prosecuted a licensed real estate agent from the Northern Beaches for fraudulently accessing trust funds for his own use.

Daniel Nicholson was convicted of three offences under the Property Stock and Business Agents Act and sentenced to nine months imprisonment, to be served by way of an Intensive Correction Order. He was also ordered to pay over $92,000 in reparation costs to his victims.

Mr Nicholson was the sole director of Nicholson Property Group Pty Ltd, trading as Kings Northern Beaches.

NSW Fair Trading Commissioner, Rod Stowe, advised that trust account fraud is a serious offence and warns that Fair Trading will actively pursue any persons that fail to comply with trust account obligations. 

“For most people, real estate is the most significant investment they will ever make.

“Real estate agents should be trusted with considerable amounts of money and those who take advantage of this position will be held accountable,” said Mr Stowe.

Over a period of two years from 10 August 2012 to 14 August 2014, Mr Nicholson took over $92,000 from the Kings Northern Beaches Sales and Rental Trust Accounts.

During Fair Trading’s investigation, Mr Nicholson admitted to stealing the funds, which he used to support his gambling habit.