Ray White Romsey’s principal owner is believed to have fled overseas, after allegations emerged that she emptied as much as $230,000 from the firm’s trust account.
Debra Lawry, who worked under the name Debra Watchman for the franchised group, was facing suspension or cancellation of her licence by Consumer Affairs Victoria (CAV), after failing to comply with her trust account audit obligations, despite multiple notices, warnings, and fines being issued in relation to the matter.
On September 17, the Victorian consumer marketplace regulator issued a public news alert stating they would be taking disciplinary action against Ms Lawry, who they believed had ‘deliberately failed’ to comply with such legal proceedings between 2019-2023.
The 54-year-old was scheduled to appear at a directions hearing on September 24, but failed to attend.
After additionally failing to attend work during the week, Ray White Victoria and Tasmania Chief Executive Domenic Belfiore stated the company promptly requested Victoria Police to conduct a welfare check at Ms Lawry’s Kyneton home on September 26, but to no avail.
“We were deeply concerned to learn on Thursday, September 26, that our business owner Debra Watchman had been missing from her business since earlier that week,” he said.
“We immediately contacted Victoria Police and asked them to conduct a welfare check on her and advised CAV of the situation.
“It is understood that [she] fled the country that week.”
After conducting their own investigations into the financial status of the trust account, Mr Belfiore stated that the company then took immediate action to protect the buyers and sellers of the Romsey franchise whose contracts had not yet been settled.
“Rest assured, no-one will be out of pocket,” he said.
“Upon conducting our own investigations into the business, we began to have concerns about its financial status and the state of the trust account.
“We immediately advised CAV of our concerns, as well as her bank, to ensure her accounts were frozen.
“We have been in regular contact with customers over the past fortnight and spoken to all buyers and sellers whose contracts have not yet settled.
“While consumers have strong statutory protection to cover any missing trust account monies—via the Victorian Property Fund operated by CAV—we stepped in immediately and have advised customers that we will pay all deposit funds to the vendors of properties settling this month, out of our own resources.
“This is a highly unusual situation for us but we remain committed to actively doing everything we can for Romsey’s customers.”
The office located at 111 Main Street, Romsey, has since closed while police and CAV investigate the matter. All staff have found employment elsewhere.
