Man charged over alleged $500k trust account theft

Stock image.
Stock image.

A MAN is accused of stealing more than half a million dollars while he was contracted to sell vehicles on consignment.

Police allege the 69-year-old accused entered into consignment contracts with 25 caravan owners between September 2018 and July 2019.

It will be alleged the accused failed to deposit the funds into a relevant trust account and deposited them in his main trading account during that time.

A 69-year-old man has been charged for stealing more than $500,000.

It will be further alleged the accused failed to compensate the sellers of the caravans as per their contractual agreement.

Police said the caravans sold for more than $650,000, of which about $550,000 should have been deposited into trust accounts and then paid to the original owners.

Police said some owners were able to recoup some of their lost funds by taking ownership of other caravans held by the accused, however most did not receive any compensation at all.

Detective Senior Sergeant Ken Foster said only one of the victims was fully compensated for the loss of funds.

“One victim was able to recoup their funds fully be selling a substitute caravan provided by the accused,” he said.

“The other victims were not as fortunate, with final losses incurred ranging from $6,000 to $40,000.”

The 69-year-old man from High Wycombe has been charged with 25 counts of stealing as an agent, money received by direction.

He is due to appear in the Midland Magistrates Court on October 18.

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