As previously reported, former real estate agent Anthony Vito Brancatella, 43, been found guilty of swindling his clients of almost $2 million. He "fraudulently converted" funds from around 60 property transactions. While court was investigating allegations made against him, the court had his license suspended. But it was later found out that he carried on with his schemes while acting as a real estate agent with a website displaying his credentials. It was also reported that he has intended to pay them the victims back, but the bank noticed a red flag when funds inappropriately moved in and out of the account. Mr. Bracantella pleaded guilty last Monday to 62 charges of wrongful conversion and false accounts.
Moreover, the court on Wednesday, according to Domain, slapped Brancatella with a sentenced to 40 months in prison after admitting guilty of converting clients' money 62 separate property deals for his own personal use, an operation that he ran between December 2013 and June 2014. The total amount for the 62 deals amounted specifically to $1,999,020. According to domain, he won't be eligible for parole until he has served 20 months.
Defence Barrister Rob Melasecca has explained to the court how Brancatella has mishandled the funds to sustain his ailing business. Bracantella's activities were uncovered after Consumer Affairs conducted an audit of the former director of McDonald Real Estate in Mulgrave and Wheelers Hill in 2014 because of several complaints.
Judge Carolyn Douglas used the phrase "robbing Peter to pay Paul" to describe the white collar offense. She accepts the claim that Brancatella did not use the money for lavish personal use but his action cost most of his victims around $30,000. His victims also suffered extreme anxiety and have lost trust in real estate agents. Judge Douglas said, "Unfortunately your offending can tarnish all of those working in the real estate industry."