Many R’s Podcast – S1E7

The Many R’s Podcast – S1E7

0:01 Introduction

0:33 Recap – what is the Many R’s Podcast about?

1:18 Where are we?

1:30 personal update

1:49 Lockdown, Insolvency, Jobkeeper, Jobsaver, Services NSW

2:41 Bunnings Gift Cards

2:59 Hakan Kutup

3:24 Matthew James Taunton / Abel Agency / Wiseberry Real Estate Box Hill NSW.

4:08 Gregory John Walker – The Archibald Gosford, his receiver, 131MVR

4:35 Caernarvon Cherry / Bonny Glen Fruits Pty Ltd (in Liquidation), Bernard & Fiona Hall

4:59 AFSL – Snowgums Hospitality Fund (Orange NSW), Snowgums Heritage Blog

https://www.snowgumsretreat.com/categ…

https://www.dcpartners.solutions/snow…

6:53 Ralph Paligaru update

7:04 Mohan Kumar / Chhota Rajan update

12:55 Dural Alliances Pty Ltd (in liquidation), Ralph Paligaru, Bargo Developments, Australasian Property Group Pte Ltd etc – litigation funding update.

15:05 APG / Ian Jordan / Ralph Paligaru, Dreketi Timber Mill

17:02 Ralph Paligaru – Bankruptcy update

20:14 wrap up – Mohan Kumar / Chhotta Rajan, Dreketi Timber Mill, Ralph Paligaru, Craig Adams – what to expect in S1 Episode 8.

21:20 how to contact us

21:30 credits

Podcast – homepage – click here.

Transcript:

rogues rascals reviewables rorts rip-offs receivers real estate agents and much much more. the many R’s podcasts, it’s about a whole bunch of R’s – season 1 episode 7 i’m your host mark smith from dc partner solutions. come and visit us on our website anytime www.dcpartners.solutions/podcast

otherwise give us a call 1-300-327-123, until late usually, we love talking to people or you can instant message chat with us in our website www.dcpartners.solutions/podcast
bottom right hand corner use the instant message chat tools. thank you and welcome all right so let’s just have a quick recap about what is the many rs podcast is about and it’s certainly about uh all the rat bags and rogues and rip-off artists and sometimes about some receivers some real estate agents some uh some rackets uh and the likes but uh we’re certainly here to have a look at uh some corporate villains uh there hasn’t been so many travel rip-offs lately so uh so that’s good because we can’t travel anywhere um government malfeasance well that nothing’s uh specifically come onto our radar, so there’s nothing there to talk about some iffy lawyers we’re going to get into uh a little bit of that a little bit later on um insurance racketeers uh all sorts of racketeers and awards uh bankers and receivers well uh i don’t think we’ve got anything in this specific episode to talk about racketeers banks and receivers so let’s move on to where are we uh we’re going to have a look at some of the specific things that are on our mind at the moment. so uh as i’ve mentioned in some of the other episodes … i’ve really got a squeaky chair um i love the squeaky chair it gets the oil …. um but it has been a massive year for me personally uh it’s been obviously this covered thing but i’ve just completed my juris doctor to go with my masters of business administration and i’ve now embarked on to practical legal training and uh i’m 1/6 th of the way through that so that’s so that’s quite exciting uh. what isn’t exciting is a lockdown, and one gets the feeling that there’s going to be all sorts of things that will become themes in coming months the lock down this uh undoubtedly there’s reports every night on the news about small business suffering um and uh so i guess what that means is insolvency and that just happens to be a space that um we are really we’ve been very interested for a long time in insolvency and pre-insolvency company structuring, corporations law and so on so um with uh certainly with my MBA – the master of business administration –
i’m sure uh we can offer some valuable insights so if you’ve got a problem uh involving any of these things: the lockdown, insolvency, job keeper, the ato, tax debts – you name it, services NSW, oh my gosh uh getting funds out of them well it’s just obviously it’s it must be a honeypot for all of these things so um and yeah look sure that probably slows the process down for the the honest business people so uh watch for this to be a theme in coming weeks, now um bunnings gift cards.
um it’s probably not the uh uh not the number one rort that comes to mind but uh you know we’ll be doing a very small episode / segment on the bunnings gift card rort (soon) and uh that is uh it is absolutely rubbish it is a rubbish that’s that’s. and we catch with Hakan Kutup, our great mate from season 1 episode 1 um i i had a look uh just to see exactly what jail he’s in and uh no one knows um well you can’t find out off the uh services you know what the correctional services website yeah Hakan’s got privacy anyway um look a bit of an update on our buddy hakan, um there’s been orders for the sale well um for possession of his house so um but uh he’s got the uh covered reprieve so that one’s coming up now we’ve got another budding um um matthew james taunton now whether he’s a budding he can’t cut up or not uh time will tell but um matthew james taunton from abel agency uh was called wiseberry uh at uh box hill uh that box hill is in the northwestern suburbs of uh sydney well this matthew james taunton is one to watch so if you’ve had any dealings with matthew james taunton uh drop us a uh a message on the instant chat tool www.dcpartners.solutions/podcast we’d love to hear your thoughts on matthew james taunton now make sure we put up a matthew james taunton fan club page uh abel agency or wiseberry real estate so he’s our real estate star of the month um our former centerfold if you like gregory john walker nothing to report there actually i think greg’s been a a very good boy uh of late so um uh well the only thing i’ve got to report is that um one of his uh one of his receivers had a huge loss so uh greg walker the archibald uh project up in uh gosford they might actually uh that might actually go ahead so good on you mr walker um Caernarvon Cherry Pty Ltd uh Bonny Glen Fruits Pty Ltd (in liquidation) and uh bernard and fiona hall well just the very quickest of updates there um uh they had a two-day session in front of the chief judge in equity um in the NSW supreme court uh there so uh look i’ve heard various things and uh you know apparently it was a apparently it was sensational so uh watch this space um AFSL we’re going to touch on that now we’re actually uh i’m living out in Orange, NSW. i think i’ve mentioned that a number of times and loving it out here it’s been very cold um and for those that are interested i do have a heritage blog that you can um that you can uh have a look at so i think you i’ll make sure i throw in a link uh down below um on youtube uh it’s called the snowgum’s heritage blog https://www.snowgumsretreat.com/category/snowgums-blog

or something so uh maybe you just type in mark smith snow gums or something and uh and a podcast so it’s a video podcast series and uh what’s been going on anyway um look we we’re under our ifs we’re actually very seriously uh going to put up a uh a hospitality fund uh it’s uh it’s going to be extremely low risk uh real estate based we’ve got some well it won’t just be uh hospitality i suspect but anyway we’ve um expressed a few interest bits of interest in a couple of uh projects uh here in orange and um look there’s no there’s no tourism just at the moment and uh like none uh obviously because of code but there are i’m convinced absolutely wonderful opportunities uh we ran on airbnb here at um uh snow guns and uh for those that are interested uh send me a message uh instant message chat tool uh bottom right hand corner um uh dc partners dot solutions slash snow gums there you go i’ll make sure that there’s a page up and you can uh you know you can park some dollars now you have to be a sophisticated or wholesale investor um to participate so it’s not open to retail mum and dads but um uh and look honestly the returns are probably going to be fairly low this is very low risk but there may well be some good capital returns and uh some capital uh some capital growth oranges for those that well i’ll make sure that we put up a whole bunch of links but uh unsurprisingly uh regional australia is apparently booming uh so um uh the demand to get out of sydney and melbourne and brisbane uh is is gigantic so i’ll make sure i put in every link i can think of if you want to see a copy of our information memorandum www.dcpartners.solutions/snowgums

and uh we’ll make sure that you can see that so all right and moving along uh we now move on to one of our very favorite rs and that’s ralph ralph paligaru but not to be outdone uh john mahony, mohan kumar um and chhota rajan now chhota rajan is uh ralph’s best buddy um ralph will go to uh ralph will get in the trenches for uh his those he loves and uh boy does he love this mohan kumar bloke so ralph paligaru he holds a power of attorney for mohan kumar but who’s mohan kumar you might ask well mohan kumar was a bloke that entrusted ralph with his fortune known as 632 old northern road at dural and uh mohan kumar’s lawyer was none other than uh the illustrious uh and most experienced uh john mahony from mahony lawyer uh or is it mahony lawyers um and anyway uh mr um mr mohan kumar hopped on a plane at um in october 2015 and uh landed in um denpasar in bali and waiting there was interpol upon arrival and uh he was uh subsequently extradited off to india um and apparently uh apparently according to interpol uh mohan kumar is uh is in fact a guy called chhota rajan well um so that’s a bit of excitement for you uh not every day you uh you you get to talk about fugitives and ralph is besties with a fugitive and um well chhota rajan made all sorts of news uh in a few months ago he um after episode 6 i think it was uh he caught covered which is a real problem because um uh you know if you’re uh if you’re dead um ralph paligaru can’t be your power of attorney and uh who knows whether mohan kumar has a has a will i mean who knows so mohan kumar is um allegedly chhota rajan i don’t know i’ve never met i can i’ve met uh john mahony i have met ralph paligaru i’ve never been to india i don’t know i’ve never talked to mohan kumar i have no idea if mohan kumar is chhota rajan but interpol people think so and um well uh chhota rajan was um diagnosed with covid19 when all the india problems were you know the thick of things so i imagine poor old ralph had a few sleepless nights because uh with the assistance of john mahony uh john francis mahony of uh uh mahony law or mahony law ralph paligaru is in um the supreme court of new south wales running a court case saying that um uh mohan kumar has been cheated out of millions and millions of dollars now i don’t know whether the um john mahony is you know as a super experienced uh lawyer and i’m sure he’s completely on top of the felons civil procedure uh civil proceedings act uh and the civil proceedings act says well you know if you’ve been convicted of a crime oh now chhota rajan now this could all be a terrible uh case of mistaken identity but uh mohan kumar is being held under the name of who’s not chhota rajan but we’ll just call him chhota rajan that’s um ralph c mohan’s power of attorney he’s being held in a uh the biggest prison in um uh in india apparently with all the uh the top fugitives and um uh

that that does not stop john mahony and um ralph paligaru seeking justice justice for mohan kumar and they’ve uh they’ve decided uh to sue the torrens assurance fund ralph paligaru gave away the title deeds to 632 old northern road to our great mate craig adams craig matthew adams of golden arrow and bargo developments not to forget that he borrowed personally i was at about 1.6 million dollars from australasian property group but anyway ralph gave away just handed on a platter uh the title deeds to 632 old northern road to his great mate craig matthew adams now it’s unsurprising that he would do this because uh craig matthew adams yeah well craig matthew adams and uh ralph paligaru have a very secret side deal uh where ralph gets a 20 interest in a private hospital not bad not bad so um uh ralph also um i can’t neglect to to mention real estate agents jon brookes from brookes partners um now uh jon brookes from brookes partners is an old buddy of ralph’s and so ralph uh gives the listing he’s a power of attorney he has the entitlement to uh uh enter a listing agreement but he enters a listing agreement ralph does where ralph gets a kickback uh is it um look i i i’ve gone vague on the um on the details but uh it’s uh it’s a property that’s sold uh for allegedly 5.5 million dollars in um in may of 2016. and uh ralph hands over the title deeds to his great mate um and uh 80 confidential joint venture partner um craig matthew adams uh and in return um uh he expects a kickback from uh brooke’s partners um now he doesn’t get one but he expects one and uh ralph even asked me to go and sue um he gave me the the debt and said go off and sue if you wouldn’t mind go off and sue jon brooks from brookes partners and so anyway it’s a long story um ralph’s not a uh not a real estate agent but uh he’s a businessman uh according to his um affidavits ralph is a businessman and ralph’s the type of businessman that uh can turn six million dollars into well five and a half million dollars into uh 1.5 million dollars he’s that type of businessman uh not to forget the dreketi timber mill in fiji.
uh which is uh defunct now and um anyway um all of this apparently uh entitles i’d have to i’m not a lawyer so um or not yet anyway i’m a graduate with a um a juris doctor and i’m studying uh um practical legal training sorry i’ve gone blank there so i’m not john mahony i don’t have his wisdom and uh i don’t know how uh that’s all the fault of the torrens insurance fund handing craig adams the title deeds and handing him um uh withdrawals of caveat and all the rest but anyway apparently that is the um that is the fault of the torrens assurance fund and so uh a fugitive uh apparently uh called mohan

kumar ought to receive millions and millions and millions of dollars from the torrens assurance fund well not to be outdone ralph and amreeta paligaru have also got their hands out and they’re seeking um uh i don’t know hundreds of thousands of millions of dollars i suppose for themselves so uh that’s what ralph’s been up to um now he’s defunct company uh called dural alliances pty ltd (in liquidation). uh you may remember ralph put up his um family home uh and borrowed money $540,000 uh at 6% interest a month uh it’s really exciting uh to do that it’s thrilling and hair raising and all the rest uh and then just to add to the um uh excitement uh well why wouldn’t you give that $540,000 to craig matthew adams because um australasian property group apg that’s uh maya and ian jordan that’s their company from singapore well they’ve given um craig matthew adams at 1.6 million or maybe it’s 1.5 million as a personal loan, unsecured. i mean wow um so anyway that turns into that turns magically now they didn’t have john mahony as a lawyer they had the wonderful uh excellent multinational law firm called baker mckenzie and now i’m certainly not saying that john mahony is in the same class as baker mckenzie but anyway maybe they’re who knows anyway well bargo uh bargo uh got wound up as did golden arrow so unfortunately um ralph’s $540000 he’s gone but the 6% interest a month bill that’s still there and uh so that’s that’s when we come to the bankruptcy update a little bit further down below but anyway um so uh golden arrow and bargo are in liquidation and uh i’ll make sure we publish uh i’ll give you a look at the uh the the documents uh there was a wonderful creditors meeting i went to uh a couple of weeks ago in um my telephone uh that’s what you do in the Covid19 era and um well uh the liquidator of golden arrow & bargo has a giant fat uh pile of money now to go litigation funding and to get back uh ralph’s $540,000  except uh you know that went to apg and apg uh as i said they didn’t have john mahony as a lawyer they had uh baker mckenzie and they were able to turn a private loan into a secured interest for no consideration in a wonderful piece of land in warriewood and they happened to jump the queue uh in front of poor old ralph and only to the tune of $540,000 uh and uh they also got they jumped the queue and i think they walked out with $700,000 for of bargo’s money for no consideration how how wonderful is that so that’s what you get with baker mckenzie i mean they are geniuses um so uh apg uh is that’s australian property group ian jordan and maya i cannot pronounce her surname but uh wonderful lady i’ve met them both i’ve sat in their board room in singapore and uh they are high flyers in fact merrill lynch or kkr or one of those mobs are their investors and these guys are very bright and haven’t they got wonderful lawyers so uh heading off to drake timbermill now um i don’t know how uh ralph’s i can’t give you any updates because of covid it’s just been terrible but um uh dreketi timber mill uh had the unfortunate um adventure event of a cyclone smashing it to bits and i don’t know whether uh there was any sleepless nights for ian jordan because he and jordan uh from australasian property group the same bloke that uh loaned uh craig matthew adams was at 1.5 or 1.6 million dollars unsecured and then turned that into a security interest in mohan kumar’s uh i mean this is the most incestuous … you know in crazy story but anyway it gets even crazier ralph uh and ian jordan head off to fiji and go and start a company um and uh so ian jordan (an aussie)
from singapore decides to go to fiji because he’s always wanted to uh and started going to business with ralph and i’m sure that it had absolutely no nothing to do with the $700,000 that apg walked out for um of bargo’s money that once upon a time once upon a time was uh part of mohan kumar’s fortune well you know it’s a very sad and tragic story well maybe uh now once the lockdown’s over ralph has um it’s today’s friday the 13th friday the 13th of august will ralph has been repatriated back to australia apparently ?

i’m not in sydney i haven’t been able to catch up with my great mate ralph but maybe ralph and ian jordan can um can talk about their joint venture business in fiji uh how things are going and ralph may be able to commiserate with apg about uh having to face the having to hand back the 1.6 million or 1.5 million of uh preference monies uh allegedly that they’ve got uh from craig matthew adams and bargo and golden arrow so uh it’s all very very exciting. uh bankruptcy update now i can’t say too much uh because this is before the courts but uh maybe i can just say as a matter of fact um ralph uh ralph has signed a uh consent judgment so he uh consented to the to the entry of a judgment uh in the event he didn’t pay back money and uh surprise surprise ralph didn’t pay back money so anyway he he borrowed a whole heap of money from uh reliance leasing who have a wonderful director a man called garry steinberg who um garry has been very near to my heart in um in past years and uh what could i say ralph has known garry longer than me so that is a fact and so look maybe in the next episode we’ll we’ll talk about some of the past tricks oh well just what i can say about the bankruptcy it’s been held up so ralph borrowed a whole bunch of money from reliance leasing and gary steinberg in august well now it goes back to like 2012 or 2011 or sometime then it was … is that a decade ago??? i mean anyway um so come august 2016 gets rolled over correction ralph and the amreeta and they come ah i guess their company uh i think so i think the company is called ralph paligaru proprietary limited or something like that and uh and there’s another r and uh ralph ran a photocopying business and uh so ralph was really good at um

imaging. let’s just put it that way ralph was very good at imaging. and um well we might have to wait until episode 8 to find out some of the details. coming back to the bankruptcy update um as i said uh ralph and garry steinberg have known each other for longer than i have. okay so um i met ralph in march of 2017. i met garry uh i guess in probably 2014 and uh well thereabouts maybe 13 14 15. sometime there so let’s say four days i’d say it was 14. and um well for longer than that um uh ralph paligaru proprietary limited owed reliance leasing money so i imagine this is sort of ticking up interest and all the rest and anyway 2016 uh ralph gets a wonderful deal, miraculously.
around the same time ralph gets a wonderful interest-free loan i know all these details because they’ve been part of particulars that have been read in open court ralph can say interest-free loan in excess of $100,000 from 2016 and uh it’s interest-free for one year provided that you pay the money back okay so uh otherwise it becomes an 18 per annum loan well it’s now the 13th of august 2021. how much do you think ralph has paid back ralph hasn’t made?

there’s been some court ordered payments but ralph hasn’t made a single single monthly installment

and of course uh his wonderful lawyer mr mahony make has this incredible vanishing uh caveat trick so again i’m not a lawyer i haven’t been a lawyer for 40 years like john mahony, but john no doubt can explain that? and anyway let’s let’s catch up on this in episode 8 because it’s it’s a wonderful wonderful story but just to wet the appetite look i might pop up the um the judgment? and you can do some reading ahead if you like if you’re that keen so that’s it for uh episode series 1 season 1 episode 7 of the many r’s podcast.
um i hope you’ve had an excellent time if you’ve got any questions or you’ve got any information uh you’ve been to tihar jail you’ve heard of mohan kumar, you’re a fan of oh they’re making a movie they’re making a movie on chhota rajan apparently? so uh it’s some sort of uh underbelly series of you know fugitives in india so that’s all very exciting. if you know craig matthew adams if you know Dreketi timbermill? maybe maybe you’re one of the uh creditors of the dreketi timber mill maybe you shared some time with ralph in uh in iso in um what’s it called quarantine in hotel quarantine? uh does ralph owe you money? um and uh so ralph’s ralph’s milking the system uh brilliantly and uh and so managing to avoid uh bankruptcy for the time being so let’s let’s watch this space and let’s see uh we’ll learn in episode 8 about some of the tricks uh that maybe he got up to uh maybe you know a copy world at uh in um wherever it was seven hills (a suburb of sydney) i think it was uh maybe uh we’ll learn a little bit about that so thanks for tuning in and we’ll talk to you next time on the many r’s podcast. if you’ve got any questions as i said give us a call 1300 32713 or go to our uh bottom right hand corner instant message uh us or instant chat with us on www.dcpartners.solutions/podcast thank you

ATO kills McGrath franchisee overnight … 

We’ve been researching the circumstances of a number of once successful real estate businesses which have recently gone into receivership, administration or closed.

One business, a McGrath franchisee with dozens of off the plan sales, a large rent roll and the backing of head office (seemingly), was killed by the ATO.

Another business, Castlecrag Realty Pty Ltd (receivers and managers appointed), trading as Stone Castlecrag is presently in receivership.  It is understood the owner was experiencing personal difficulties.

Our research, which we’d like to share with agents in competition, indicates some or all of each of these situations might have been avoided by more thoughtful structuring and asset protection arrangements.

The McGrath business was wound up, more or less overnight, by the ATO.

The Castlecrag business is seemingly in very real financial distress.

Business Asset Protection, applying the research these cases (and others) have uncovered, is offering free business structuring health checks for estate agencies – particularly in the current slow and falling market where finance is difficult to obtain, overheads are fixed and the present election cycles may be causing distress.

To arrange a free structuring health check call now on 1300-327123 or complete the below form.

 

5R podcast – S01E01

Podcast Mark Smith

5R Podcast – S01E01 – Rogues, Rascals, Rorts, Rip-offs & Reviewables

5R Podcast – Mark Smith, DC Partners (Solutions) Pty Ltd

for more information and in-depth villain profiles – visit our webpage https://www.dcpartners.solutions/products-services/blog/podcast/ or use the tags below to preview a particular person

To share this video: In this series: https://youtu.be/QT-0USvUcy0

To view other podcasts in this series – go to our podcast page – click here

Mark Smith of DC Partners (Solutions) Pty Ltd sets the scene and discusses those villains or possible villains that we’ll be discussing throughout the remainder of the Season and subsequent seasons.

Season 1 will focus on:

Season 1, Episode 1 (Chapter 1) discusses the following:

If you have any tipoffs on any of the above – please use the instant chat tool below

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).

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.

Some of Hakan’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.

Lindsay Begley – Ray White Unanderra

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).

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:

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:

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.

Hakan Kutup
Hakan Kutup

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:

Hakan Kutup – former proprietor of Century 21 Ultimate Wollongong

Hakan Kutup

Hakan Kutup (“Hakan”) is the former proprietor of HKJS Holdings Pty Ltd (in liquidation).

HKJS previously trading as Century 21 Ultimate Real Estate in Wollongong.

Hakan now appears to work for another ‘entity’ named Ultimate Real Estate (despite the below).

His profile suggests he is involved in “residential sales” and the provision of ‘advice’?

Hakan may or may not be well positioned to provide ‘advice’?

On 2 April 2019, Hakan was declared bankrupt.

A copy of Hakan’s sequestration order is available here.

According to the sequestration order, Hakan’s trustee in bankruptcy is Bruce Gleeson.

We have been engaged to recover money from Hakan’s estate in bankruptcy.

It is now believed that Hakan is an unlicensed real estate agent (if a certified real estate agent at all?).

Hakan is listed as having an expired real estate practising certificate*.

Anyone thinking of engaging Hakan in any real estate matter should consider reviewing the official licensing website to check whether Hakan holds a current licence at the time of any transaction contemplated?

 

Source:  https://www.onegov.nsw.gov.au/publicregister/#/publicregister/result  (search dated 2 June 2019).

ATO kills McGrath franchisee overnight … 

We’ve been researching the circumstances of a number of once successful real estate businesses which have recently gone into receivership, administration or closed.

One business, a McGrath franchisee with dozens of off the plan sales, a large rent roll and the backing of head office (seemingly), was killed by the ATO.

Another business, Castlecrag Realty Pty Ltd (receivers and managers appointed), trading as Stone Castlecrag is presently in receivership.  It is understood the owner was experiencing personal difficulties.

Our research, which we’d like to share with agents in competition, indicates some or all of each of these situations might have been avoided by more thoughtful structuring and asset protection arrangements.

The McGrath business was wound up, more or less overnight, by the ATO.

The Castlecrag business is seemingly in very real financial distress.

Business Asset Protection, applying the research these cases (and others) have uncovered, is offering free business structuring health checks for estate agencies – particularly in the current slow and falling market where finance is difficult to obtain, overheads are fixed and the present election cycles may be causing distress.

To arrange a free structuring health check call now on 1300-327123 or complete the below form.