Brisbane real estate agent jailed for fraud

• A Brisbane real estate agent has been jailed following an investigation by the Office of Fair Trading (OFT).
• Peter Lakidis took more than $1.4 million of clients’ money from trust accounts to fund a gambling habit.
• Queensland real estate agents are reminded that trust money does not belong to them and they can’t access it for personal expenses.

Brisbane real estate agent Peter Geoffrey Clifton Lakidis has been sentenced to 4 and a half years and 7 and a half years, to be served concurrently, with a non-parole period of 15 months in the Brisbane District Court after he pleaded guilty to two counts of fraud.

It comes after an OFT investigation revealed that between November 2020 and May 2022, Mr Lakidis misappropriated more than $1.4 million of clients’ money from trust accounts while employed at two Brisbane rental agencies. The court heard Mr Lakidis used most of the money for gambling.

At an agency based in Bowen Hills, Mr Lakidis fraudulently drew 23 cheques valued at between $200 and $40,000 from the trust account and deposited them into his personal and family bank accounts.

As he was not authorised to draw from the trust account, Mr Lakidis forged an agency directors’ signature on the cheques, which had a combined value of almost $161,000.

Mr Lakidis created false entries in the agency’s accounting software and manipulated data to cover up his fraudulent actions.

At another agency based in Brendale, Mr Lakidis fraudulently transferred more than $1,284,300 from the trust account into his various personal online gambling accounts and personal, family and business bank accounts. There were 246 fraudulent transfers ranging between $50 and $20,000.

Mr Lakidis attempted to conceal the fraudulent transactions and the fact the trust account was in deficit by providing false descriptions on the transactions and transferring money—loaned by friends or from his gambling winnings—back into the trust account.

Online wagering providers have an obligation to ensure harm minimisation and source of funds controls are built into their operations, and this matter has been referred to the appropriate regulator for their attention.

All the money has since been returned to the 2 agencies.

Judge Ian Dearden noted his serious sustained criminal offending and profound dishonesty.

If you believe an agent has been mishandling trust money you can lodge a complaint with the OFT online or call 13 QGOV (13 74 68).

Quotes attributable to Commissioner for Fair Trading, Victoria Thomson:

“Queensland renters and property owners expect real estate agents to handle their money properly, in accordance with the law.

“Any real estate agent who intentionally takes money from a trust account without proper authority is committing a crime.

“The Office of Fair Trading will continue to take action against dishonest property agents who have a disregard for their legal obligations and the sanctity of money held in trust.”

Background for media:

State and national laws, including codes of practice and the National Consumer Protection Framework for Online Wagering, place responsibly on a wagering service provider to ensure it has harm minimisation and source of funds measures and controls built into its operations.  This matter has been referred to the appropriate regulator for attention.

–ENDS–