On Monday, 9th May, Ms Justice Mary Irvine, President of the High Court, confirmed the PSRA’s decision to impose €145,000 in financial penalties on former licensees Michael A. O’Leary & Associates Limited (trading as Property Team M.A. O’Leary Auctioneers) of 103 South Main Street, Wexford and Ms Sinead O’Leary (employee). This sanction follows and is in addition to a previous sanction confirmed by the High Court on 25th August 2021 which saw the Authority revoke the licence of the same estate agents, permanently prohibit them from applying to the PSRA for a licence to provide property services, and imposed nearly €200,000 in financial penalties.
In today’s High Court appearance, the Court heard that during the investigation of the previous complaint, which led to the High Court confirmation of August 2021, the PSRA became concerned about the licensee’s management of another Owners Management Company (OMC), and accordingly commenced a separate investigation of its own volition against licensees Ms Sinead O’Leary and Property Team M.A. O’Leary Auctioneers.
Following its investigation, the PSRA found that Ms Sinead O’Leary, who was an administrator of the OMC’s online bank account, had transferred €79,041.54 from the OMC’s account to an account jointly owned by Ms O’Leary and her husband, without the knowledge or permission of that OMC. A further serious finding was made against the licensees in regard to their failure to put in place insurance cover for the OMC.
As both former-licensee’s had already had their licences revoked, and had been permanently prohibited from applying for a licence in the future, the Authority imposed the following financial sanctions on Ms O’Leary:
- A direction to pay a sum of €50,000 into the PSRA Compensation Fund;
- A direction to pay a sum of €5,000 to the PSRA, being the cost to the PSRA of the investigation
- A direction to pay a sum of €30,000 by way of a financial penalty for misappropriating monies from the OMC.
Further, Michael A. O’Leary & Associates Limited (trading as Property Team M.A. O’Leary Auctioneers) had the following sanctions imposed:
- A direction to pay a sum of €30,000 into the PSRA Compensation Fund;
- A direction to pay a sum of €5,000 to the PSRA, being the cost to the PSRA of the investigation
- A direction to pay a sum of €25,000 by way of a financial penalty for misappropriating monies from the OMC.
In welcoming the Courts sanction confirmation, the Chief Executive Ms Maeve Hogan stated that “regulation of the property sector has been effective today, which has seen additional sanctions imposed on former licensees who engaged in fraudulent behaviour. Today regulation worked in protecting the consumer and highlighted to the sector the Authority’s zero tolerance for any fraudulent actions by licensees against their clients or members of the public.”
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9 May 2022