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
Winners of the Kings Cross Coke sign auction
- Video duration
- 01:32
- Video duration
- 01:32
Winners of the Kings Cross Coke sign ...
Winners of the Kings Cross Coke sign auction
Who buys a five-metre high neon letter? And where do they keep it? More than $100,000 was raised for the Wayside Chapel when the letters from the old iconic billboard were sold off. (Video: Coca-Cola)
Up Next
Bashed elderly woman left bloodied in bed
- Video duration
- 00:32
- Video duration
- 00:32
Bashed elderly woman left bloodied in bed
Bashed elderly woman left bloodied in bed
New details have emerged about the brutal bashing of an elderly woman in her Toongabbie home. Vision courtesy Seven News.
Up Next
Body of grandfather found at Westfield
- Video duration
- 00:36
- Video duration
- 00:36
Body of grandfather found at Westfield
Body of grandfather found at Westfield
The body found in the stairwell of Westfield Bondi Junction is believed to be that of a missing Tasmanian man last seen 21 days ago.
Up Next
'Shots fired': when police chased the Stoccos
- Video duration
- 00:52
- Video duration
- 00:52
'Shots fired': when police chased the ...
'Shots fired': when police chased the Stoccos
Dramatic dashcam footage shows the moment Gino and Mark Stocco fired at police during a pursuit near Wagga Wagga on October 16, 2015, forcing them to abandon the chase.
Up Next
Why I'm teaching ethics classes
- Video duration
- 01:44
- Video duration
- 01:44
Why I'm teaching ethics classes
Why I'm teaching ethics classes
Former schoolteacher Irene Smith is getting back into the classroom to help children learn 'how to think'.
Up Next
It's big, gold and all for pleasure...
- Video duration
- 01:59
- Video duration
- 01:59
It's big, gold and all for pleasure...
It's big, gold and all for pleasure...
Most people couldn't name this intimate body part. Artist Alli Sebastian Wolf is aiming to educate them.
Up Next
Jillian Skinner retires as NSW Health Minister
- Video duration
- 02:10
- Video duration
- 02:10
Jillian Skinner retires as NSW Health ...
Jillian Skinner retires as NSW Health Minister
Skinner's retirement follows a year of damaging health scandals and a decades-long love affair with health and medical research.
Fraudulent real estate agent convicted
Real estate agent Barry Goldman advertises his agency online as "one you can finally trust".
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," NSW Fair Trading Commissioner Rod Stowe said.
"This is very significant. We are very pleased the court has decided to confirm the custodial sentence, we think that sends a very strong message to the market place."
Mr Stowe said the court's action demonstrated the seriousness of the offence.
"At the end of the day, what's really important, with third parties looking after money, is their trustworthiness."
The consumer watchdog was first made aware of Goldman's case at the end of 2014, when the agency, Leda Real Estate Pty Ltd, failed to account for funds and failed to hold money in trust pending completion of sales transactions.
Fair Trading later discovered that Goldman had fraudulently converted $651,183.24 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 Goldman was the director at the time.
Goldman's licence has been cancelled and he has been banned from working in the industry for 15 years.
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. Poker machines, amphetamine, flights and entertainment are 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 suspend a licence or a certificate of registration temporarily 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.