A NSW Fair Trading prosecution of a real estate agent who misappropriated $1.402 million from trust accounts has been finalised with the agent sentenced to a two-year and 10-month intensive corrections order and 450 hours of community service.
Kylee Marie Lane pleaded guilty to 29 offences of being an accessory to fraudulent conversion of trust money by misappropriating 31 transfers from Parramatta’s Prestige Strata accounts to her personal bank account. The funds were used for personal expenses including renovations, living costs and medical treatments.
A NSW Fair Trading investigation into Ms Lane, who was the licensee in charge of Prestige Management Pty Ltd between 2013 and 2019, revealed the offending took place between October 2017 and November 2018.
Ms Lane, who has surrendered her real estate and strata managing agent licence, was also ordered to make payment of $100,000 to the Property Services Compensation Fund – the maximum allowed, and to pay legal costs in the amount of $30,000.
In sentencing Ms Lane, the Magistrate noted that she had committed a violation and had breached her obligations as a licensee to the highest degree.
For more information on duties of licensees in charge, please visit the Fair Trading website.
NSW Fair Trading Commissioner, Natasha Mann said, “Licensees under the Property and Stock Agents Act 2002 must hold clients’ funds in a trust account and those funds cannot be used for any purpose other than for that client.
“Penalties under the Act reflect the seriousness and impact this misconduct has on the community and the property sector as a whole, and where a breach is detected NSW Fair Trading will take you to court and hold you accountable. “
