Brisbane real estate agent guilty after fudging trust account books

A Queensland real estate agent has been fined and banned from holding a real estate licence for 10 years following an investigation by the Office of Fair Trading. Here’s why.

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A Brisbane real estate agent has been found guilty of falsifying trust account books and records following an investigation by the Office of Fair Trading.

Rochedale South real estate agent Kyla Anne Gale and her company K & C Real Estate Pty Ltd were fined $20,000 in the Beenleigh Magistrates Court last week following an OFT investigation.

The court also disqualified Kyla Anne Gale and her company K & C Real Estate Pty Ltd from holding a real estate license for 10 years.

The investigation, initiated after the business failed to lodge its annual audit report, identified the trust account misconduct.

OFT subsequently appointed a receiver who identified a shortfall in the trust account.

The receiver then prepared a report for the OFT which indicated 26 people were owed monies by the agent.

Kylie Gale. Rate My Agent

As a result of this report, and its own investigations, the OFT was able to compensate the claimants by approving over $69,000 in payments from a statutory claims fund.

Ms Gale pleaded guilty to 21 counts of knowingly making false entries into her company’s trust account books and records, six counts of failing to make proper payments from the trust account, one count of failing to lodge an annual audit report and one count of failing to keep proper books and records. Every false entry represents a breach of trust, professional standards, and the law.

Fair Trading Commissioner Victoria Thomson said the OFT will take legal action against anyone using trust accounts improperly.

“Trust money isn’t there for the real estate agents to do with it what they will,” she said.

“Queensland renters and property owners expect real estate agents to handle their money properly, in line with the law.

“Any real estate agent misusing trust accounts will be investigated by OFT.

“OFT will continue to take action against dishonest property agents who are breaking the law.”

According to Rate My Agent, Gale founded K & C Real Estate and is described in her bio as an “experienced and motivated agent”.

She has a five star rating based on five reviews.

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Originally published as Brisbane real estate agent guilty after fudging trust account books