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Hakan Kutup sentenced to 21 months jail – victims delight

Convicted criminal Hakan Kutup

Hakan Kutup, former Wollongong Real Estate Agent has been sentenced to jail for crimes he pleaded guilty to in Wollongong Local Court on 13 July 2020.

Mark Smith of DCP Litigation reported the crimes to NSW Police in 2019 and Hakan was promptly arrested.

To view the newspaper article of Hakan’s sentencing click here: Young Witness

Hakan repaid none of the money defrauded from the victim. Civil enforcement and other actions continue against Hakan’s daughter Jeyda Kutup, Eren Kutup (Hakan’s nephew) and others to come. Civil proceedings

Some of Hakan’s and Jeyda’s former rent roll ended up under the management of Lindsay Begley at Ray White Unanderra. Lindsay Begley was contacted by DCP Litigation but failed to pay any money to the creditors of Hakan for the rent roll. Civil investigations continue.

Watch this space.

Jeyda Kutup
Jeyda Kutup
Eren Kutup
Eren Kutup
Lindsay Begley – Ray White Unanderra
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Case study – the covid ate the estate agent’s homework?

Dog ate my homework

DC Partners (Solutions) Pty Ltd working with a financier client recently had collections dealing with an estate agent where the agent alleged it could not pay ‘factored monies’ because of Covid-19.

In December 2019, the agent factored its rent-roll management cheque for March 2020, expecting to receive around $52,000.

Factoring is the business of purchasing accounts receivables.

In this instance, the estate agent ‘sold’ its March 2020 receivable in exchange for an upfront sum paid in December 2019.

At the end of March 2020, the agent then said it was unable to repay the factor the money (or any of it, despite banking it for themselves at the end of March) “because of Covid-19“.

Factoring ‘discounts’ the purchase price of the receivable. The price paid upfront in December 2019, was based upon the time value of money with the expectations that the funds would be banked in March 2020. Obviously, the funds do not have the same value if the funds are not banked until June or later.

The agent is a well known agent from WA.

If a crime was committed, it was a crime of fraudulent appropriation. Alternatively, as was pointed out to the agent in collections discussions, the agent runs the very real risk that the estate agent continues to trade whilst insolvent, exposing the directors to personal liability. In those instances the agent’s personal assets are exposed to creditors.

If your business is in a similar position, being unable to meet obligations to creditors, there are some important steps that you and your company need to take to protect your personal AND business assets. These can be discussed on 1300-327123 if you find yourself if this position (call anytime till late 5 days).

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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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POE v HKJS Holdings Pty Ltd (in liquidation) – receivership

Hakan Kutup

Since our last blog post, this matter has moved along somewhat.

HKJS Holdings Pty Ltd (in liquidation) (“HKJS”).

HKJS formerly traded as Century 21 Ultimate (Wollongong).

Its director at the time was:  Hakan Kutup (see separate page).

In or about mid 2018, Century 21 removed HKJS of their C21 franchise.  HKJS’s creditor’s report suggests it owed Century 21 $85,362 in total – perhaps unpaid franchise fees?

The same report suggests HKJS owed the ATO a further $187,590.

In or about 2 April 2019 Hakan was declared bankrupt and a sequestration order issued over his estate.  A copy of the sequestration order may be viewed clicking this link.  It is unknown whether Hakan presently holds a current real estate practising certificate (as at time of writing – 2 June 2019)?  According to his real estate profile – Hakan is a real estate agent engaged in residential sales.

Anyone who’d like to discuss Hakan or HKJS can call us anytime on 1300-327123.

To view related blogs, case notes or otherwise, follow the following category links and tags below.