A former western Sydney real estate agent has confessed to misappropriating $1.2 million from his company’s trust accounts to fund personal expenses, including online gambling. The court heard the accused, the director of the now-defunct real estate agency, siphoned off approximately $844,000 from client funds into his personal bank account between June 2014 and March 2017. He also transferred a further $366,670 to online gambling sites.
The man misappropriated funds from property sales and rental income meant for clients, with NSW Fair Trading receiving 50 compensation applications totalling $386,146 so far. The man was initially charged in 2022 with multiple offences, however, in a deal negotiated by lawyer Mohammed Algalele, the accused eventually pleaded guilty to a single charge of fraudulently omitting to account for more than $5,000 in his role as director. The remaining charges will be considered during sentencing.
The ex-real estate agent pictured leaving Parramatta Local Court with his lawyer Mohammed Algalele.
The man’s fraudulent activities were uncovered after NSW Fair Trading and a professional accounting firm audited his company. Dozens of suspicious transactions were identified, totalling over $1.2 million in misappropriated funds. Initially, the accused blamed the theft on his secretary, but he later admitted to using the money for credit card debts and gambling.
His lawyer, Mohammad Algalele, stated that the man was going through a difficult time when he committed the offences and has since turned his life around. The man’s sentencing is pending, and he has expressed sincere remorse for his actions.
The NSW real estate agency had initially opened with high expectations in 2014, but the agency has since shut down due to the man’s actions. His business partner was not implicated in the scandal.
