Rogue estate agents get lifetime ban for fraud

A group of former Auckland Barfoot & Thompson agents who engaged in mortgage fraud have been banned from the real estate business for life.

The Real Estate Agents Licensing Board has cancelled the sales certificates of Raghu Aryasomayajula, Philip Cavanagh and Philip Niall.

Barfoot director Peter Thompson said he did not know of another agent who had suffered such a severe penalty.

"These people won't ever be able to apply for a real estate salesperson's certificate again. They are permanently banned," Mr Thompson said.

In October, the authority ruled the three were all unfit to be agents but reserved its penalty.

Yesterday, Real Estate Institute president Mike Elford announced the decision, saying he welcomed it and that having the certificates cancelled was the worst thing that could happen to agents.

To read the full NZ Herald story click here

Posted: 23 Dec 2008

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