Brisbane estate agent Peter Geoffrey Clifton Lakidis jailed for blowing $1.4m in client funds on gambling

A Brisbane real estate agent who blew more than $1 million of trust funds on gambling has been jailed after an Office of Fair Trading investigation.

A Brisbane real estate agent who blew more than $1 million of trust funds on gambling has been jailed after an Office of Fair Trading investigation.

Peter Geoffrey Clifton Lakidis was sentenced to four-and-a-half years and seven-and-a-half years, to be served concurrently, with a non-parole period of 15 months, after pleading guilty in the Brisbane District Court on July 17, 2024 to two counts of fraud.

The matter came to light after an OFT investigation revealed that between November, 2020 and May 2022, Mr Lakidis misappropriated more than $1.4 million of clients’ money from trust accounts while employed at two Brisbane rental agencies.

The court heard Mr Lakidis used most of the money for gambling.

At one agency based in Bowen Hills, Mr Lakidis fraudulently drew 23 cheques valued at between $200 and $40,000 from the trust account and deposited them into his personal and family bank accounts, thre court heard.

As he was not authorised to draw from the trust account, Mr Lakidis forged one of the agency’s directors’ signature on the cheques, which had a combined value of almost $161,000, the court was told.

Mr Lakidis also created false entries in the agency’s accounting software and manipulated data to cover up his fraudulent actions, the court was told.

Brisbane District Court Judge Ian Dearden jailed Lakidis.

The court also heard that at another agency based in Brendale, he fraudulently transferred more than $1,284,300 from the trust account into his various personal online gambling accounts and personal, family and business bank accounts.

There were 246 fraudulent transfers ranging between $50 and $20,000, the court heard.

He attempted to conceal the fraudulent transactions and the fact the trust account was in deficit by providing false descriptions on the transactions and transferring money – loaned by friends or from his gambling winnings – back into the trust account, the court was told.

All the money had since been returned to the two agencies.

Judge Ian Dearden noted Mr Lakidis’ “serious, sustained criminal offending and profound dishonesty’’.

Commissioner for Fair Trading, Victoria Thomson, said in a statement: “Queensland renters and property owners expect real estate agents to handle their money properly, in accordance with the law.

“Any real estate agent who intentionally takes money from a trust account without proper authority is committing a crime.

“The Office of Fair Trading will continue to take action against dishonest property agents who have a disregard for their legal obligations and the sanctity of money held in trust.”

If you believe an agent has been mishandling trust money you can lodge a complaint with the OFT online on its website or call 13 QGOV (13 74 68).