B.C. realtor fined $10K for mishandling rentals
A Vancouver realtor with 30 years of experience has been fined $10,000 for professional misconduct for mishandling rental property management services.
According to a Dec. 7 B.C. Financial Services Authority decision, Dean Nicholas Dymont used an unlicensed company and had his rental trust account in deficit when his office was audited.
The decision says the audit found his rental trust account showed a shortage of $4,872 in May 2020.
The B.C. Financial Services Authority also found that Dymont had used an unlicensed company to provide rental property management services.
The decision says the unlicensed company made payments to third parties for property expenditures and held some tenants' security deposits.
"Mr. Dymont admitted to BCFSA that the trust shortage could have been prevented by more timely reconciliations conducted in a proper manner," the decision reads.
Dymont was licensed as the sole managing broker of the Vancouver branch of Pan Pacific Platinum Real Estate Services Inc. which does business as LeHomes Realty. He became licenced as a trading and rental representative in 1991.
The decision says the auditor found that in May 2020 there were three payments for property expenditures, totalling $3,255 that were made on behalf of rental property management clients that came from the unlicensed company's bank account.
Five tenants deposits were also refunded from the unlicensed company's bank account.
The auditor also found that in April and May 2020 payments from the brokerage's rental commission trust account were paid to the unlicensed company as commission for providing rental property management services.
"Mr. Dymont told B.C. Financial Services Authority that the brokerage's office and bank procedures, including using (the unlicensed company), were set up prior to him joining the brokerage," the decision reads. "Mr. Dymont told BCFSA that he now understands that using an unlicensed entity was not a proper way to pay expenses."
Dymont was fined $10,000 plus $1,500 in fees and ordered to complete the Broker's Remedial Education Course at UBC at his own expense.
READ MORE: B.C. realtor fined for commission scheme, loses licence for 2 years
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