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Case study – agent forges trust account and sales records

DC Partners (Solutions) Pty Ltd working with a financier client recently uncovered evidence that an estate agent forged evidence of sales to gain a financial advantage borrowing against the agent’s family home and alleged accounts receivable commissions.

The sum of the financial advantage (Fraud) involved was in excess of $100,000.

Amongst other things, the agent inflated the sale value of the property by $1m, inserting a “$1,____,____” in front of the advertised sale price and attempted to represent that the property sold for well in excess of the sum that it did and that the agent was therefore owed a commission of approximately 3x time the sum the agent was actually entitled to.

The agent sought to obtain an advance against the said “higher” commission owed from a factoring company.

Factoring companies ‘purchase’ accounts receivable from businesses.

A commission owed by a vendor is an accounts receivable that becomes due and payable to the agent at the time the sale settles.

In this instance the property did in fact settle but the sale was at its real sale price and not the inflated price.

The crime was detected and the matter has been dealt with civilly at this time with the agent involved making good the wrongdoing.

The agent is a well known agent from the Hunter Valley area of NSW.

The crimes were discovered in early 2020.

DC Partners (Solutions) Pty Ltd says the finding highlight the stress and financial pressure that estate agents are finding themselves in and the lengths that persons in financial stress may go to when they are not thinking clearly.

For more information – chat with us live using our instant chat tools (bottom corners), book an appointment or call now on 1300-327123 (till late).

To contact us with any tip-offs, files or information – please use the instant chat tools or form below:

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Case study – real estate agent forges wife’s signature

DC Partners (Solutions) Pty Ltd working with a financier client recently uncovered evidence that the agent forged his wife’s signature to gain a financial advantage borrowing against his family home.

The agent was a well known agent from the Liverpool area of NSW.

The agent has since become personally bankrupt and the agency wound-up in insolvency.

The crimes were discovered in late 2019.

DC Partners (Solutions) Pty Ltd says the finding highlight the stress and financial pressure that estate agents can find themselves in and the lengths when persons are not thinking clearly that they might go to.

For more information – chat with us live using our instant chat tools (bottom corners), book an appointment or call now on 1300-327123 (till late).

To contact us with any tip-offs, files or information – please use the instant chat tools or form below:

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Hakan Kutup – pleads guilty

Hakan Kutup, source: Illawarra Star - Madeline Crittenden.

As we’ve blogging for some time, now disgraced Wollongong based former Century 21 real estate agent Hakan Kutup has pleaded guilty to fraud, forgery and misappropriation offences at the Wollongong Local Court recently.

Sydney’s Daily Telegraph reported: Click here that Hakan began inventing sales in late 2017 however the slippery slope caught up with him when arrested in late 2019 after he could no longer shuffle the deck chairs and lenders and others began to investigate.

Unfortunately the maximum penalty of imprisonment is just 2 years and Hakan’s guilty plea will no doubt result in a discount, however we think it is a safe bet that Hakan’s (who is also bankrupt) will not be administering a trust account any time soon.

Sentencing of Hakan Kutup is expected sometime around June 2020.

Relatives of Hakan Kutup continue to conduct business in the Illawarra including:

Jeyda Kutup, daughter and former property manager for Hakan’s business – was recently working in a motor dealers finance office at Wollongong City Motors, no doubt handling the sensitive financial information of borrowers? Jeyda entered loan guarantees to purchase her father’s former rent roll from its receivers just before the ATO stepped in to liquidate Hakan’s former business. In true Kutup family form, Jeyda now denies her indebtedness … the matter continues before the NSW Supreme Court, Possession List.

Eren Kutup, nephew and former property manager for Hakan – is self employed at the newly incorporated EK Capital … apparently the re-birth (sometimes referred to as Phoenix-ing?) of EK Property Group Pty Ltd which was placed in receivership some time ago. EK Capital claims to provide property and financial advice, again this would no doubt involve the borrower exposing sensitive financial information to members of the Kutup family and others? EK Capital is an authorised representative of Purple Circle Financial Services, ACL 486112. Eren is a defendant also in the NSW Supreme Court, Possession List matter.

Eren’s father is Allan Kutup. Allan was a director of EK Property Group. Allan and Hakan are brothers. Allan, to the best of our knowledge is a licensed real estate agent and may have worked in Hakan’s business prior to its liquidation. Allan is recorded as working at EK Capital.

For more information – chat with us live using our instant chat tools (bottom corners), book an appointment or call now on 1300-327123 (till late).

To contact us with any tip-offs, files or information – please use the instant chat tools or form below: