Perth settlement agent cautioned for trust account misuse
A settlement agent in Perth's St Georges Terrace, Sydney James Chesson (trading as Master Settlements), has been cautioned by the State Administrative Tribunal.
The Tribunal notes there was misuse of a trust account for transactions that were not for the purpose of settlement, and was in breach of the Settlement Agents Act.
The caution was issued on 30 September instead of a fine, as the Tribunal acknowledged there had been no misappropriation of the funds from the trust account.
He did, however, have to pay costs of $8,828.
The business functions for both real estate and business settlements.
Acting Commissioner for Consumer Protection, David Hillyard, said that the situation emphasizes the importance of licensed settlement agents using their trust accounts specifically for transactions related to settlements only.