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Real Estate Agent Banned for Decade Over Deception
3 Apr
Summary
- Agent Josh Tesolin banned for 10 years for serious misconduct.
- Found guilty of underquoting and dummy bidding on over 100 properties.
- Company also banned, incurring fines totaling $33,000.
A decade-long ban has been imposed on former high-earning real estate agent Josh Tesolin following findings of serious misconduct. The ban stems from an investigation by NSW Fair Trading, which uncovered sustained unlawful and dishonest conduct affecting over 100 property transactions. Tesolin, once Australia's leading agent, engaged in practices such as underquoting selling prices and dummy bidding at auctions.
Authorities also found evidence of Tesolin directing employees to falsify documents submitted to regulators and using high-pressure sales tactics. His company, Tesolin Consulting Pty Ltd, has also been banned for ten years. This disciplinary action includes substantial fines, with Tesolin personally fined $11,000 and his company $22,000, totaling $33,000.
These penalties were handed down after a three-year investigation, highlighting a pattern of repeated breaches of property and stock agents' laws. The Minister for Better Regulation emphasized the necessity of strong action to maintain consumer trust in significant financial decisions. Tesolin's actions significantly boosted his commissions, including a scheme where clients were charged extra incentive payments.
