3 years' jail for ex-property agent who made off with client's money and caused over $1m loss - The Straits Times

SINGAPORE - A property agent, engaged to help in the purchase of a condominium unit, misappropriated nearly $600,000 of her client’s money meant for parties including the property developer.

This led to a failure to complete the purchase under an option to purchase (OTP) agreement, despite time extensions.

The developer then exercised its right to terminate the OTP and forfeited nearly $1.2 million of payments, which the client had earlier made. To date, the client has not been able to recover the amount.

The offender, Liu Siyu, 32, was sentenced to three years’ jail on Thursday. She pleaded guilty on Tuesday to one count each of criminal breach of trust involving nearly $343,000 and forgery.

Another criminal breach of trust charge involving the remaining amount was considered during sentencing.

Both Liu and the 32-year-old client are Chinese nationals. The prosecution said that Liu was a property agent with ERA Realty Network from 2015 to 2017.

Her name could not be found on the Council for Estate Agencies’ public register in an online search on Thursday.

Liu, who is a Singapore permanent resident, first met the client some time before 2015 when they were studying in Britain.

In November 2015, the client and her father engaged Liu as a property agent to represent them in the purchase of a unit at The Crest condominium in Prince Charles Crescent near Alexandra Road.

As the unit that cost $1,785,000 was under construction at the time, the father-and-daughter pair were to pay developer Wingcrown Investment in instalments, based on a payment schedule in a sale and purchase agreement (SPA).

The client would then transfer funds for the unit’s purchase to Liu’s bank account. Liu was tasked to use the monies to pay the developer on her client’s behalf.

Initially, Liu paid the first 40 per cent of the purchase price to the developer on time.

She was also timely in paying $315,900 to the Inland Revenue Authority of Singapore for items such as the buyer’s stamp duty.

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