A former estate agent who misused more than $180,000 in trust account funds was sentenced to four months in prison and a two-year Community Corrections Order in the County Court yesterday.
Justin Scavo, 40, of Mill Park, pleaded guilty to 12 offences, including 11 charges of causing $185,320 in trust account deficiencies and one charge of fraudulently converting that same amount for his own personal use.
The court also ordered Scavo to pay $101,601 in compensation to the Victorian Property Fund (VPF) to cover the amount owing to the fund.
The VPF compensates people who have lost money due to the misuse of trust funds by an estate agent or conveyancer. Over $120,000 in claims against Scavo’s company have been paid out from the VPF to date.
Scavo was the Officer in Effective Control of Scavo Ettia Pty Ltd (ACN 608 194 789), trading as Revolve Real Estate in South Morang, at the time of the offences. The company is now deregistered, and both Scavo’s and the company’s estate agent licences have been cancelled.
We took legal action against Scavo following complaints from consumers who had bought properties through Revolve Real Estate, but whose deposit money had not been paid following the sale.
Consumer Affairs Victoria Director Nicole Rich said the outcome sent a strong message to the industry and consumers.
‘This outcome serves as a timely reminder that trust fund misuse will not be tolerated and there are serious penalties for agents who break the law.’
‘We will continue to pursue agents and agencies who put their clients’ money at risk and hold them accountable.’
Consumers with concerns about their dealings with Scavo are encouraged to contact us.