A real estate agent, who advertised his agency online as "one you can finally trust", will face two years' imprisonment after fraudulently converting more than $600,000 in trust account funds.
Barry Goldman, of Leda Real Estate and Portfolio Property Solutions, will remain behind bars following an unsuccessful appeal against charges brought against him by NSW Fair Trading, under the Property Stock and Business Agents Act.
More NSW News Videos
- Video duration
- 00:51
Fraudulent real estate agent convicted
Fraudulent real estate agent convicted
Real estate agent Barry Goldman advertises his agency online as "one you can finally trust".
Up Next
Gladys slaps down Barnaby Joyce
- Video duration
- 01:39
- Video duration
- 01:39
Gladys slaps down Barnaby Joyce
Gladys slaps down Barnaby Joyce
NSW Premier Gladys Berejiklian rejects Deputy Prime Minister Barnaby Joyce's suggestion that Sydney homebuyers must look outside the city where property is cheaper.
Up Next
Man attacked with dogs, set on fire
- Video duration
- 00:52
- Video duration
- 00:52
Man attacked with dogs, set on fire
Man attacked with dogs, set on fire
A man is in a critical condition in hospital after his neighbour allegedly doused him in a flammable liquid and set him on fire during a dispute over a pet dog in Wollongong overnight. Vision courtesy: ABC News 24
Up Next
Gladys Berejiklian's priorities as Premier
- Video duration
- 03:09
- Video duration
- 03:09
Gladys Berejiklian's priorities as Premier
Gladys Berejiklian's priorities as Premier
Gladys Berejiklian has made clear her plans as NSW's 45th Premier –- but can she pull them off?
Up Next
Kurri Kurri bushfire downgraded
- Video duration
- 02:05
- Video duration
- 02:05
Kurri Kurri bushfire downgraded
Kurri Kurri bushfire downgraded
A 26-year-old man is being questioned by police as firefighters contain the bushfire in Kurri Kurri.
Up Next
Sydney's treasured Putt Putt course closes
- Video duration
- 01:00
- Video duration
- 01:00
Sydney's treasured Putt Putt course closes
Sydney's treasured Putt Putt course closes
Ermington Putt Putt will close in April after the much-loved family attraction was sold for a second time to developers for $160 million.
Up Next
Highway brawl in Newcastle
- Video duration
- 00:44
- Video duration
- 00:44
Highway brawl in Newcastle
Highway brawl in Newcastle
Footage has emerged of a wild brawl between four people at a set of traffic lights in Newcastle. Vision courtesy NEW FM and CJ Van Rensburg.
Fraudulent real estate agent convicted
Real estate agent Barry Goldman advertises his agency online as "one you can finally trust".
Mr Goldman was sentenced to two years' imprisonment with an 18-month non-parole period for taking more than $600,000, which he claimed to have used to fund family legal proceedings.
"Mr Goldman had been robbing Peter to pay Paul, with no plan to pay the money back," said NSW Fair Trading Commissioner Rod Stowe.
The consumer watchdog was first made aware of Mr Goldman's case at the end of 2014, when the agency, Leda Real Estate Pty Ltd, failed to account for funds and hold money in trust pending completion of sales transactions.
Fair Trading later discovered that $651,183.24 had been fraudulently converted by Mr Goldman for personal use.
More than $20,000 in rental money owed to landlords was also fraudulently converted by Portfolio Property Solutions Pty Ltd, of which Mr Goldman was the director at the time.
The Barry Goldman who is subject to this report is not the licensed real estate agent Barry Ian Goldman of Sydney Sotheby's International Realty Double Bay.
Since September 2014 at least 10 real estate agents have been prosecuted and had their licences revoked.
The issue has been a growing problem for the NSW property industry, with poker machines, amphetamines, flights and entertainment just some of the habits paid for with more than $3.6 million in trust account funds stolen by NSW real estate agents in the past two years.
In November NSW Minister for Innovation and Better Regulation Victor Dominello announced a raft of new regulations to be introduced by the government early this year, amid a stream of wider reforms to the real estate and property sector.
Under the changes, agents will be required to transfer rental income to landlords at the end of each month and to hold separate trust accounts for rent and sales money.
In addition, NSW Fair Trading will be granted a new power to temporarily suspend a licence or a certificate of registration while an investigation is under way.
"The changes announced by the NSW government will ensure that consumers are better protected, industry standards are lifted and funds given to agents in trust are properly managed," Mr Dominello told Fairfax Media in November.