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5R podcast – S01E01

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).

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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.

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
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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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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.

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 – 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).