Don’t get caught with malpractice

Misuse of deposits can destroy families’ financial security and put undue burden on relationships. Non-payment of commissions can wipe out a business and its affiliate network. It is better to be safe than to go through such unnecessary loss.
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Below are public listed examples of real cases of disciplinary action for misuse of trust accounts, tabled by the NSW Department of Fair trading.

Confidis Pty Ltd was established to mitigate such practice, thus protecting the transactions and all stakeholders.

Trader
 Licence No. Date of decision Conduct Action
For the purposes of this explanation, the Trader and License No. have been removed from this table. Details can be viewed on the Department of Fair Trading website. 28/08/2012 Unlicensed activity and trust account irregularities. Disqualified from holding a licence or certificate for 7 years, disqualified from being involved in the direction, management or conduct of the business of a licensee for 7 years.
23/08/2012 Unlicensed activity and trust account irregularities. Permanently disqualified from holding a licence; permanently disqualified from being involved in the direction, management or conduct of the business of a licensee.
23/08/2012 Trust account irregularities. Licence cancelled, permanently disqualified;  permanently disqualified from being involved in the direction, management or conduct of the business of a licensee.
1/08/2012 Trust fund irregularities and claims on the compensation fund. Licence cancelled, disqualified 10 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 10 years.
25/07/2012 Trust account irregularities. Licence cancelled, disqualified for 4 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 4 years.
15/06/2012 Trust account irregularities. Licence cancelled, disqualified for 7 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 7 years.
14/06/2012 Trust account irregularities. Licence cancelled, disqualified for 15 years disqualified from being involved in the direction, management or conduct of the business of a licensee for 15 years.
16/04/2012 Trust account irregularities. The Administrative Decisions Tribunal affirmed Fair Trading’s decision: licence cancelled, disqualified for 8 years; disqualified from direction, management and conduct of the business of a licensee for 8 years.
2/12/2011 Corporation gone into receivership. Licence cancelled, permanently disqualified; permanently disqualified from being involved in the direction, management or conduct of the business of a licensee.
2/12/2011 Trust account irregularities and corporate solvency issues. Licence cancelled,  disqualified for 4 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 4 years.
2/12/2011 Trust account irregularities and corporate solvency issues. Licence cancelled, permanently disqualified; permanently disqualified from being involved in the direction, management or conduct of the business of a licensee.
24/11/2011 Trust account irregularities. Licence cancelled, disqualified for 7 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 7 years.
18/11/2011 Trust account irregularities. Licence cancelled, permanently disqualified; permanently disqualified from being involved in the direction, management or conduct of the business of a licensee.
Trust account irregularities. Certificate of registration and licence cancelled, disqualified for 15 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 15 years.
Trust account irregularities. Licence cancelled, disqualified for 7 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 7 years.
15/11/2011 Trust account irregularities. Licence cancelled, disqualified for 15 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 15 years.
1/11/2011 Trust account irregularities. Conditions imposed on licence for specific professional development courses to be undertaken. Independent audit of the statutory trust accounts to be undertaken and reimbursement of any identified deficient amounts.
18/10/2011 Trust account irregularities. Licence cancelled, disqualified for 7 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 7 years.
18/10/2011 Trust account irregularities. Licence cancelled, disqualified for 7 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 7 years.
14/10/2011 Corporate solvency issues and trust account irregularities. Licence cancelled, permanently disqualified, permanently disqualified from being involved in the direction, management or conduct of the business of a licensee.
14/10/2011 Corporate solvency issues and trust account irregularities. Licence cancelled, disqualified for 5 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 5 years.
5/10/2011 Corporate solvency issues and trust account irregularities. Licence cancelled, disqualified for 8 years; disqualified from being involved in the direction, management or conduct of the business of a licensee for 8 years.
5/10/2011 Corporate solvency issues and trust account irregularities. Licence cancelled, permanently disqualified; permanently disqualified from being involved in the direction, management or conduct of a licensee.
4/10/2011 Trust account irregularities. Licence cancelled, disqualified for 5 years; disqualified from being concerned in the direction, management or conduct of the business of a licensee for 5 years.
31/08/2011 Trust account irregularities Licence cancelled, permanently disqualified; permanently disqualified from being involved in the direction, management or conduct of the business of a licensee.