This article is from the Australian Property Journal archive
A BRISBANE real estate agent will spend up to seven and a half years in jail after pleading guilty to misappropriating more than $1.4 million of clients’ money that he mostly used for gambling.
Peter Geoffrey Clifton Lakidis was sentenced in the Brisbane District Court yesterday to sentences of four and a half years and seven and a half years, to be served concurrently, with a non-parole period of 15 months for two counts of fraud.
An Office of Fair Trading investigation revealed that between November 2020 and May 2022, Lakidis misappropriated the money from trust accounts while employed at two Brisbane rental agencies.
The court heard he used most of the money for gambling.
At one agency based in Bowen Hills, 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. As he was not authorised to draw from the trust account, Lakidis forged one of the agency’s director’s signature on the cheques, which had a combined value of almost $161,000.
Lakidis created false entries in the agency’s accounting software and manipulated data to cover up his fraudulent actions.
At another agency based in Brendale, Lakidis fraudulently transferred more than $1,284,300 from the trust account into personal online gambling accounts and personal, family and business bank accounts. He made 246 fraudulent transfers ranging between $50 and $20,000.
The court heard Lakidis 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 that was loaned by friends or from his gambling winnings back into the trust account.
Judge Ian Dearden noted his serious sustained criminal offending and profound dishonesty.
All the money has since been returned to the two agencies.
“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,” said the Commissioner for Fair Trading, Victoria Thomson.
“Queensland renters and property owners expect real estate agents to handle their money properly, in accordance with the law.”
