New South Wales Minister for Better Regulation Matt Kean

Maroubra Real Estate Agent Faces 2 Years Imprisonment Over Trust Account Fraud

Victor P Taffa

A former Maroubra real estate agent who misused more than $425,000 that was held in trust has been penalised after being convicted in Parramatta Local Court.

Minister for Better Regulation Matt Kean said Zacharis Gregory Imisides, 37, was sentenced to 2 years’ imprisonment to be served by way of an intensive correction order.

“This is another example of a real estate agent abusing their position, and accessing money that isn’t theirs.” Minister Kean said.

“Imisides made transfers after selling 7 properties in 2014, but the trust account withdrawals had no connection to the sale of the properties, and he was not authorised to release the sales deposits prior to settlement.”

Minister Kean said the case was further evidence of why an industry-controlled regulator, as demanded by REINSW, is not a practical or sensible proposal.

“There are many honest and hard-working real estate agents, but the industry has been given a bad name by agents like this, who do the wrong thing.” Minister Kean said.

“Enforcement outcomes like this clearly demonstrate why the industry should not regulate or govern itself.”

“Role of Fair Trading to help create, monitor and enforce the law and real estate codes is essential.” Minister Kean said.

Imisides’ penalty comes after he was disqualified in 2016 from being involved in the direction, management, or conduct of a business or a licensee for 8 years.

“This outcome should serve as a warning to all real estate agents in New South Wales: if you’re doing the wrong thing, NSW Fair Trading will throw the book at you.” Minister Kean said.

“We want to reinstall public faith in real estate agents, and these outcomes send a clear message that we won’t tolerate bad behaviour from the industry.”

Imisides must also complete 400 hours of community service and undergo treatment as recommended by his psychologist. Imisides has the right to lodge an appeal.

 

Abbreviations:

REINSW        Real Estate Institute of New South Wales

NSW               New South Wales