An Adelaide real estate agent and his company have been fined a total of $32,000 for dipping into a client’s trust account for the agent’s own private purposes.

The magistrates court heard that Seaton man Spiros Simeonakis worked under the business name Smart Choice Real Estate without registration, despite a warning from the Consumer Affairs Department.

The court found that Simeonakis dipped into one of his client’s trust accounts to buy a $5,000 motorcycle for himself.

He also failed to keep accurate trust account records and falsely claimed to have an affiliation with the Real Estate Institute of South Australia (REISA).

Tags: law-crime-and-justice, australia, sa, seaton-5023

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