A New South Wales real estate agent, Kylee Marie Lane, has evaded imprisonment after misappropriating over $1.4 million from strata trust accounts for her own expenses. Lane, who managed Prestige Strata Management between 2013 and 2019, redirected funds from these accounts into her personal bank account, using the money for renovations, living costs, and medical treatments. The fraudulent activities occurred from October 2017 to November 2018.
As the licensee, Lane was responsible for maintaining shared property areas using funds collected from residents’ quarterly strata payments. Under the Property and Stock Agents Act 2002, agents must keep clients’ funds in trust accounts for designated purposes only. Lane pleaded guilty to 29 offences related to the fraudulent conversion of trust money involving 31 bank transfers amounting to $1.402 million.
In sentencing, she received a two-year and ten-month intensive corrections order, along with 450 hours of community service. Lane was also required to forfeit her real estate and strata managing agent licence, pay $100,000 to the NSW Fair Trading Property Services Compensation Fund, and cover $30,000 in legal fees. This fund assists those affected by such misconduct, highlighting the repercussions of breaches within the property sector.