A real estate agent who stole more than $100,000 from a trust account to keep his struggling business afloat has been told he's lucky to avoid prison.
Lawrence Paul Vella pleaded guilty to causing a $105,915.31 deficiency in the trust account of his real estate business Prestige Property Agents between April and June 2019, and converting that money for his own use.
The Taylors Hill man was ordered in Melbourne Magistrates Court on Wednesday to complete 350 hours of community work for his crimes, which the court heard occurred shortly after he experienced a significantly life-threatening burst colon.
Vella was put into a coma and required multiple surgeries for the condition, which was then shortly followed by the collapse of his business partnership.
He had been involved with the property business for 11 years in a joint venture with a business partner, subject to a commission-based arrangement in which Vella managed daily operations.
In early 2019 there was a change in the arrangements, the firm got into financial difficulty and a dispute broke out with Vella's business partner, resulting in their partnership being dissolved.
"The business was very quickly spiralling out of control and you were effectively trying to keep it afloat," Magistrate Felicity Broughton said.
She said his actions were not to fund a personal lavish lifestyle, but because of his long-term commitment to the business in a situation which was quickly unravelling.
Vella surrendered his real estate licence in mid-2021 when the offending came to light, but it was six months before an investigation began.
The father-of-three had worked hard and these events had a significant impact on him and his family, Ms Broughton said.
But it's essential that the community be able to trust real estate agents, she said.
She took into account his physical and mental health conditions, including post traumatic stress disorder, at the time of his offending in finding that he should not serve time in prison.
Vella was convicted and placed on a two-year community corrections order, which will require him to complete 350 hours of unpaid community work and receive treatment as recommended by professionals.
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