Former real estate agent sentenced to 15 months prison after stealing over $1 million from clients

Former real estate agent sentenced to 15 months prison after stealing over $1 million from clients

Former principal of The Strata Agency, Rachael Jena Kwaregen, has been sentenced to 15 months in prison with a non-parole period of nine months after pleading guilty earlier this year to stealing over $1 million from her strata clients.

The former Sydney agent headed the strata management company that collected levies from approximately 5,500 property owners across 240 Sydney-based apartment and commercial buildings.

 Kwaregen had her licence cancelled in late-January and was disqualified from holding a licence or from being involved in the direction, management and conduct of the business of a licensee for a period of 15 years. 

Strata Community Australia (NSW) president Grey Haywood expressed his concern over Kwaregen’s actions noting that she was not a financial member of SCA (NSW). Haywood said that members who act in this fashion would face possible expulsion due to their code of ethics.

Haywood said that they are grateful for the processes in place by New South Wales Fair Trading to protect consumers affected by Kwaregen’s actions.

“SCA (NSW) encourages all owners corporations to ensure that the strata managing agent they engage is a member of our organisation as this means they undertake ongoing education and training, adhere to the highest ethical standards of conduct and work to best practice,” he said.

This article originally appeared on PropertyObserver.

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