Brisbane property manager avoids jail for trust account breaches

A Brisbane property manager has been given a suspended jail sentence for his role in the trust account breaches of Capalaba-based Rylco property management agency.

The Cleveland Magistrate Court sentenced George Cowin to four months in jail, suspended for 12 months and permanently cancelled his license, according to Fair Trading Queensland.

He was convicted of 68 counts of failing, as an executive officer, to ensure Rylco Pty Ltd complied with the Property Agents and Motor Dealers Act.

Rylco failed to pass on $15,000 of rent money to landlords and was convicted of 32 counts of failing to disburse trust money, 32 counts of not accounting to clients, one of not supplying documentation when requested, one of not supplying information about an offence, one of failing to appoint an auditor to the trust account and one of not having the trust account audited.

Rylco Pty Ltd also had its licence cancelled and was permanently disqualified from holding a licence.

Last year the firm was fined $20,000 and ordered to pay $8581.80 in restitution to customers and Cowin was fined $12,000.