A Cranbourne estate agent is facing disciplinary action for failing to have his company’s trust accounts audited for 4 years.
We allege that Carmelo Sottile, 50, the principal agent at Builders Property Direct, was repeatedly reminded and sent follow-ups to have the agency accounts annually audited for the period of 2020 to 2023.
We’re further arguing that in allegedly failing to comply with their obligations, Sotille:
- failed to act fairly and honestly at all times
- engaged in conduct that was unprofessional or detrimental to the industry’s interests and reputation.
The matter is one of several similar legal actions we are pursuing to crack down on trust account audit failures.
Trust account audits are not only an administrative requirement, but a key responsibility for agents to meet their legal obligations. Failing to lodge a trust account audit report can be a sign of potential deeper problems. We treat breaches seriously and will take appropriate action.
The matter is listed for a a compulsory conference on 11 April 2025.