Company run by ex-REIA PRESIDENT MALCOLM GUNNING convicted over agency trust accounts

Real Estate Sales commissions aren’t enough for the Gunnings … it seems …

IS this Karma?

2018 a little notoriety … Gunning for Aussies in proposing they work two jobs … despite where the bloody hell are the jobs? Meanwhile many eke out a living stacking shelves … locked out of IT jobs … Teachers have to coach after hours to make ends meet …

AND as RE President Gunning supported changes to Anti-Money Laundering laws … that agents were not lawyers …

Following in October 2018 the sector was made exempt … how good was that?

The company was convicted of a single count but the charge against Mr Gunning was withdrawn. Photo: Graham TidyEXCLUSIVE

Company run by ex-REIA president Malcolm Gunning convicted over agency trust accounts



SEP 4, 2019

A real estate company run by one of Australia’s top agents has been convicted in court over the management of its trust accounts.

Malcolm Gunning, the former president of the Real Estate Institute of NSW and the Real Estate Institute of Australia, faced Parramatta Local Court on Wednesday, over charges against company Guncom – of which he is now the sole director.

The company behind Gunning Real Estate was convicted of not auditing a trust account as required by magistrate Richard Funston.

The company was put on a two-year conditional release order and ordered to pay $10,000 in professional and legal fees for Fair Trading.

Two other charges against the company, relating to a trust account not being kept in the company’s name and failure to comply with receipt requirements for trust money, were dismissed.

Malcolm Gunning. Photo: Supplied

Prosecutor Ian Fraser told the court that one charge against Mr Gunning himself, for being a licensee who contravened the rule of conduct, was withdrawn.

*Fair Trading had accused Mr Gunning of failing to maintain his own agency’s trust accounts amid allegations his wife, Alice Gunning, misappropriated at least $200,000 over four years.

*Court records show that Mrs Gunning, a former director of Guncom, faces five charges and is scheduled to appear in court in November.

The couple was first put on notice in a compliance blitz by Fair Trading in February last year. The business was fined $3300 and Mr Gunning was reprimanded for breaching the Property, Stock and Business Agents Act.

Defence lawyer Iain Todd said Mr Gunning was unaware of the trust account’s deficits. He argued that all charges against the company be dismissed due to the reprimand, fine and media coverage earlier this year.

He added Mr Gunning had quickly rectified the problem when it came to his attention – ensuring the money was put back in the proper place – and had assisted the prosecuting authorities.

While Mr Funston said he was extremely impressed with the action taken by Mr Gunning and acknowledged that previous reprimands would have been very difficult given previous positions with the Real Estate Institute, he felt a conviction must be recorded.

“We all know in real estate … trust accounts are sacred,” he said. “That’s the cornerstone and that has to be acknowledged.”

Mr Gunning was president of the Real Estate Institute of NSW between 2014 to 2016 and president of Real Estate Institute of Australia from December 2016 to late 2018.

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Photo: The New Daily/ABC