Anthony Vito Brancatella has been jailed for more than three years for stealing approximately $1.9 million from clients.
Mr. Brancatella, of Huntingdale, plead guilty to 62 charges, admitting that he had used his clients funds to help run his business – McDonald Real Estate.
Subsequently, the agency has paid over $500,000 to Mr. Brancatella’s clients who were victims of his crimes. These funds came from the Victorian Property Fund, which is in place to compensate people who have been victims of real estate agents stealing from their trust accounts.
Mr. Brancatella has been sentenced to 40 months’ jail, with the possibility of release in 20 months.
****
If you need assistance with compliance related questions and the correct legal management of a clients trust account please contact our Agency Practice Helpline. This free Member-Only service can be accessed by calling 1300 137 161.