Sydney real estate agent found guilty of siphoning funds for betting account

A Sydney real estate agent has been found guilty of siphoning $370,000 from trust accounts held by real estate agents Harcourts Northern Beaches and Bevans Wollongong to make bets on sporting matches.

Panania-based property manager Mark Kolodynski has been sentenced to 18-months jail and ordered to repay $100,000 each to the agencies.

A NSW Fair Trading investigation found funds had been diverted to Kolodynski's personal gambling account at the TAB.

He had created fictitious expenses in order to withdraw money from strata accounts as well as funnelling money held in rental bonds and deposits.

Matt Kean, NSW Better Regulation Minister said if you choose to do the wrong thing, Fair Trading will come after you, and you will be prosecuted.

"This result reflects the hard work of Fair Trading's investigators," he said.

Magistrate Tim Keady sentenced him to a minimum non-parole period of 12 months on March 30. He is banned from holding any real estate credentials for 10 years.