In Melbourne, a real estate agent has been found guilty of swindling his clients of nearly $2 million.
According to Domain, although Anthony Vito Brancatella, 43, has intended to pay them back, 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.
According to Crown Prosecutor Daniel Porceddu the Consumer Affairs Victoria was alerted of the Brancatella fraudulent activities in 2014 following clients have complained that they had not been paid or had been short-changed. The CAV found out that from December 11 and June 11, 2014 the agent had committed 62 breaches of the Estate Agents Act.
An earlier news detailed how Brancatella mishandled client funds. According to The Age Victoria, he "fraudulently converted" funds from about 60 property deals. During the court investigation Brancatella's license was suspended but was later found out to still continue to act as a real estate agent with a website displaying his credentials. The court then ordered the removal of his website for his new real estate business.
Defence barrister Rob Melasecca used the term "robbed Peter to pay Paul" to describe how the disgraced real estate agent tried to keep his company afloat. He added that Brancatella has always been responsible for his action and added that he had already paid back many of his victims, about $390,000 had been paid to date, but he is still struggling to pay the others.
According to Domain, the court heard statements detailing loss of sleep or appetite from seven witnesses as a result of the nightmare caused by Brancatella's scheme. He is now looking at an imprisonment up to 10 years and could permanently lose his license as a real estate agent. The court hearings will continue with Carolyn Douglas as the Judge.
