Amit Miglani of MIG Real Estate Sentenced to Community Corrections Order for Converting Funds from Trust Accounts for His Own Use

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No evidence had been provided that Miglani had circumstances such as a psychological condition that would have reduced her guilt, or an addiction to drugs or gambling, she said.

“Your conduct constitutes a flagrant departure from your obligations as an agent exercising effective control [of the real estate agency],” she said.

“Rather modest beginnings”

Miglani pleaded guilty last week through his lawyer to causing a $ 55,500 deficit in trust money and fraudulently converting $ 42,648.98 from the trust account to his own use.

The funds were used to pay for tuition at Xavier College and spent on luxury cars from BMW and Audi, and at Zagame Automotives.

Consumer Affairs Victoria inspected the agency’s trust account records in 2018 and found there were discrepancies. The Minister of Consumer Affairs then froze the accounts. CAV learned that new trust accounts had been opened and the minister ordered the agency to cease operations.

It is an offense under the Estate Agents Act 1980 to fraudulently convert any money held in another’s name for one’s own use for any transaction in his capacity as a real estate agent.

The maximum penalty is 10 years in prison or 500 sentence units ($ 82,610).

Miglani’s defense attorney Theo Alexander told the court last week that the ex-agent came from “fairly humble beginnings” in Australia, but consumer attorney James Baker clarified on Wednesday that Miglani had come to Australia on a student visa as a full-cost student funded by his parents.

At one point, he had over 50 employees

He studied Marketing in Australia, followed by an MBA and Masters in Information Technology, obtained permanent residency, found business success and continued his interest in real estate by earning a bachelor’s degree in ‘real estate agent, said Hartnett.

At one point, he had over 50 employees, but his personal life began to crumble. He committed the offenses in 2017-18, she said.

Dr Alexander had previously said his client would face a substantial fine without a conviction, citing the impact of a conviction on his prospects of being re-recruited as a real estate agent.

Ms Hartnett said it would be unrealistic to avoid a conviction. Avoiding a conviction would not deter others, she said, adding that this type of conduct would not be tolerated.

If Miglani breaks the order in the next 18 months by committing more offenses or not completing work, he may be convicted again.

This story first appeared at the estate.

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