A real estate fraud victim who was a client of a suspended Saint John real estate agent is getting back his misappropriated money.
The Financial and Consumer Services Commission says the money is being returned after a New Brunswick Court of Queen’s Bench decision where it was found Gerald David Webster’s actions amounted to a fraud or misappropriation of funds without legal justification and the victim was awarded $5000 plus costs of $100.
A Financial and Consumer Services Tribunal last month directed the money be forfeited from Webster’s 40,000 surety bond.
The licences of Webster and Unity Realty were cancelled last year. The FCNB says it was found through audits that Webster appeared to have transferred deposit money in dispute from his trust account without the proper approval.
