tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, May 20th, 6:17PM

News

rss
Latest Headlines

Criminal charges for on-selling agent

Fraud and unlicensed trading charges have now been laid against Auckland agent Aaron Hughes, who was stripped of his licence last week.

Monday, August 29th 2016, 12:00AM

by The Landlord

The Real Estate Agents Authority (REAA) has laid two fraud charges and an unlicensed trading charge against former Barfoot & Thompson agent Aaron Hughes, following an extensive investigation.

These charges comes on top of the two misconduct charges that Hughes lost his licence for last week.

The two fraud charges relate to Hughes’ conduct over the purchase of two properties.

On both occasions, Hughes did not disclose to the vendors that he had obtained valuations for the properties.

He then went on to buy the properties through his own company at prices significantly less than the valuation prices.

In one case, the valuation came in at $1.2 million. Hughes bought the property for $530,000 and, just three months later, on sold it for $1,255,000 causing the vendors to suffer loss.

In the other case, the valuation came in at $720,000. Hughes bought the property for $590,000. His company still owns this property.

Barfoot & Thompson director Peter Thompson told media these sales were conducted privately and without the company’s knowledge.

The unlicensed trading charge is for carrying out real estate agency work without a licence.

It comes about because of Hughes’ role in marketing three properties on Trade Me after voluntarily surrendering his real estate salesperson’s licence in April 2016.

Hughes had been dismissed by Barfoot & Thompson by this point.

REAA chief executive Kevin Lampen-Smith said the buying and selling of property is a big deal, both financially and emotionally.

“New Zealand’s consumers should be able to trust that the person they are dealing with is licenced, will treat them fairly and that they are playing by the rules.”

The majority of agents are professional and are out there doing a good job, he said.

“Our role is to protect consumers and promote a professional industry so agents who break the rules will be held to account and will face serious consequences.”

Consumers should protect themselves when buying or selling real estate by ensuring sure they are dealing with a licensed real estate agent, Lampen-Smith said.

“Check the REAA’s Public Register to see if someone is licensed and if they have had any complaints upheld against them.”

The two fraud charges and the unlicensed trading charge that have been laid against Hughes will be tried separately in the Auckland District Court.

« LVRs won’t halt house price growth – S&PFree Investment Property Showcase Events: Auckland, Wellington and Christchurch »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 ▲4.29 ▲5.09 ▲5.35
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 ▼5.14 ▼5.79 6.15
TSB Special 4.79 ▼4.34 ▼4.99 5.35
Unity 5.65 4.80 5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

Last updated: 19 May 2022 10:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com