Real Estate Agents Board – Penalty Decision

Media release 23 December 2008

Real Estate Agents Licensing Board – Penalty Decision
REINZ v Raghu Srinivas Aryasomayajula, Phillip Cavanagh and Phillip Niall

The Real Estate Agents Licensing Board late last week handed down the ultimate penalty available to it, when it cancelled the real estate salespersons certificates of Messrs Aryasomayajula, Cavanagh and Niall following applications by REINZ regarding their involvement in a series of suspicious property transactions.

Mike Elford, REINZ National President, points out that this situation was exposed by a branch manager of one of its members, Barfoot and Thompson Ltd, who took the absolutely appropriate action by reporting the matter immediately upon discovering irregularities in a property transaction.

Mr Elford said “We are pleased to be able to credit our members with identifying and reporting this type of behaviour as it is the only way we are able to stamp out the few rogues that bring the profession into disrepute.

“It was the cooperation and support we were afforded by Barfoot and Thompson Ltd, and all of the other witnesses that enabled us to deal with this matter so promptly and effectively” said Mr Elford.

“This decision is music to our ears,” said Mr Elford. “REINZ and its members view involvement in property scams such as this very seriously and do not tolerate this type of behaviour. REINZ will continue to use all its powers to ensure these people, and others that may be tempted, never work in our profession. We don’t need this kind of thing going on in the real estate industry”.

ENDS

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