Former Director of McDonald Real Estate Duped Clients Almost $2m

A suspended residential real estate agent has pleaded guilty to swindling his clients out of $2 million.

A Victorian court heard Anthony Brancatella, 43, got out off his depth trying to ‘keep the bank off his back’.

The former director of McDonald Real Estate in 2014 was investigated after complaints from clients claiming they had not been paid or had been short-changed.

Consumer Affairs Victoria found 62 breaches between December 11 and June 11, 2014, which included changing cheques payable to vendors to cash and using that money to prop up the business.

He also placed cheques payable to a trust account into other accounts – including an overdraft account that was almost $100,000 in the red.

The court heard seven witness-impact statements, all saying they had lost sleep or stopped eating because of the ordeal.

One, who had an Enduring Power of Attorney for his mother, said he was sickened someone could take advantage of an elderly person.

‘I felt gutted to hear that there was someone who would even consider stealing money from a very elderly, frail person,’ Mr Giles said in a victim impact statement,’ Trevor Giles said in a statement.
Defence barrister Rob Melasecca said Brancatella had done his best to keep his company afloat and in effect had ‘robbed Peter to pay Paul’.

He had always taken responsibility for his actions, had already paid back many of his victims and was still working to pay back the others.

Some victims have received payments from the Victorian Property Fund after making claims when Brancatella’s company went into liquidation.

Brancatella had already paid back more than $390,000 and planned to pay back the remaining money within the next four months, his lawyer said.

He faces a maximum of 10 years’ imprisonment and could be banned from working as a real estate agent for life.

The trial continues before Judge Carolyn Douglas.

–Dailymail