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  1. #1
    Join Date
    Dec 2013
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    Prominent Australian Real Estate Agent sued over big scam

    Michael Kollosche, a very successful real estate agent, has been under prosecution for scamming wealthy people who are looking to buy homes out of hefty amounts of money.

    Michael Kollosche, once promoted by Ray White Group as its most successful residential agent, is being prosecuted by Fair Trading for alleged dishonesty and unprofessional and unethical conduct. Documents lodged by the Queensland Crown Solicitor and obtained by The Australian yesterday show that Mr Kollosche faces fines and reprimands for failing to disclose key information about secret "put and call" options in the transactions.

    The disciplinary action, which will be heard in the Queensland Civil and Administrative Tribunal, follows an investigation by The Australian in 2010 that exposed an elaborate scheme to ratchet up the prices of the most coveted beachfront properties.

    The scheme, which allegedly misled valuers and duped banks, finance companies and the buyers who parted with millions of dollars, relied on the options to distort the prices and values of properties fetching more than $5 million in a strip along the Gold Coast's famed Mermaid Beach.

    It is claimed the put and call options contrived to depict a sales price of several million dollars more than was actually achieved

  2. #2
    Join Date
    Oct 2011
    Location
    Amsterdam
    Posts
    15,510

    Re: Prominent Australian Real Estate Agent sued over big scam

    Hopefully they revoked his license.

  3. #3
    Join Date
    Jan 2014
    Posts
    279

    Re: Prominent Australian Real Estate Agent sued over big scam

    Damn real estate scammers. Finally they are getting the justice that they deserve. This has been happening for years even in the States.
    Get paid to chat! :) Diskussable

  4. #4

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