ERA says agent in flipping case done no wrong

[Mdm Tang]

Timeline of events


ERA Senior agent Mike Parikh got his wife Madam Sadiq (above) to buy a flat sold by his subordinate Mr Ang (below). The flat was resold for a hefty profit within weeks. -- PHOTOS: ST FILE, LIANHE ZAOBAO


WHO'S WHO:


The plaintiffs: Mr Yuen Chow Hin, 50, and his wife, Madam Wong Wai Fan, 48.

The agent: Mr Jeremy Ang, 40, who was hired by ERA senior director Mike Parikh after he was retrenched in 1999.

The boss and his wife: ERA senior group division director Mike Parikh, 44, and his wife, Madam Natassha Sadiq, 40.
WHAT HAPPENED


June 2007: The Yuens appoint Mr Ang to sell their Riverside Piazza apartment.
The agent says the market value is between $650,000 and $700,000, and says a 'regular client' is interested in buying the property. No valuation is done and Mr Ang omits to mention that the interested buyer is his boss' wife.

Mr Ang does not advertise the property for sale.


July 7 and July 9: Mr Parikh advertises the property for sale on behalf of his wife, Madam Sadiq, before she has an option to buy.

July 12: The Yuens give Madam Sadiq an option to buy for $688,000.

July 14: Mr Parikh places a third ad, setting the price at $945,106 and saying the property has en bloc potential. A buyer responds, and Mr Parikh handles the deal.

July 18: Madam Sadiq grants the buyer an option to buy at $945,000.

July 25: The new buyer exercises the option.

July 26: Madam Sadiq exercises her option from the Yuens.

October 2007: The couple discover the flat was resold after the CPF Board asks why they sold well below the valuation obtained by the new buyer.

Dec 19, 2007: The couple find out that Madam Sadiq is married to Mr Ang's team leader, Mr Mike Parikh.

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[shOUTloud]

The issue here is whether the chia leow bee officers at Commerical Affairs will come in to whack the pple involved. We need to send a strong message to these unscrupulous agents.

 

[Mdm Tang]

The issue here is whether the chia leow bee officers at Commerical Affairs will come in to whack the pple involved. We need to send a strong message to these unscrupulous agents.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++

dear bro , as i see it things are happening here the reverse way :

a) normally police will catch people and bring people to court
for the Judge to decide ...

b) now the opposite happen : The Judge said it tantamount to Fraud
etc... etc...

the Mata should have a "easy" case in hand right ... ?

 

[salim]

ERA and its crooked agents got away too lightly.
There should be a punitive damage.
Otherwise no deterrence.
FYI: the crooked agent's boss is driving a Jaguar.
Just image how much "secret profits" he must have made.

 

[scroobal]

ERA and its crooked agents got away too lightly.
There should be a punitive damage.
Otherwise no deterrence.
FYI: the crooked agent's boss is driving a Jaguar.
Just image how much "secret profits" he must have made.

I agree. CAD should investigate all the cases where property has been bought and sold using his family members to see how far this has gone on.

 

[scroobal]

The issue here is whether the chia leow bee officers at Commerical Affairs will come in to whack the pple involved. We need to send a strong message to these unscrupulous agents.

Sadly they could not handle the swindles that was going on with HDB property transactions where the there are lot of elderly and less worldly people.

 

[Mdm Tang]

Sadly they could not handle the swindles that was going on with HDB property transactions where the there are lot of elderly and less worldly people.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$


Dear SB ,


is it the hdb elderlys got no money to sue against Big Agents ?

here the IT couple got money to sue as they have sold their private apt ?

 

[scroobal]

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$


Dear SB ,


is it the hdb elderlys got no money to sue against Big Agents ?

here the IT couple got money to sue as they have sold their private apt ?

Most of them are not aware that they have been swindled. The regulations are not clear or do not exist to control such activities. The few cases where lawyers and agenst were charged in court were due to information provided by parties that have fallen over.

I suppose money is also a factor when winning a case is not clear as the rules are not clear.

One big that the authorities is to create awareness and which websites to check for property sales. Where flipping or sales of undervalued properties have been transacted, a tribunal must be created with parties paying a small sum for arbitration or resolution.

Imagine how blatant this case is.

 

[Mdm Tang]

Most of them are not aware that they have been swindled. The regulations are not clear or do not exist to control such activities. The few cases where lawyers and agenst were charged in court were due to information provided by parties that have fallen over.

I suppose money is also a factor when winning a case is not clear as the rules are not clear.

One big that the authorities is to create awareness and which websites to check for property sales. Where flipping or sales of undervalued properties have been transacted, a tribunal must be created with parties paying a small sum for arbitration or resolution.

Imagine how blatant this case is.

++++++++++++++++++++++++++++++++++++++++++++++++++



Dear SB , thanks you for share....

 

[Mdm Tang]

Most of them are not aware that they have been swindled. The regulations are not clear or do not exist to control such activities. The few cases where lawyers and agenst were charged in court were due to information provided by parties that have fallen over.

I suppose money is also a factor when winning a case is not clear as the rules are not clear.

One big that the authorities is to create awareness and which websites to check for property sales. Where flipping or sales of undervalued properties have been transacted, a tribunal must be created with parties paying a small sum for arbitration or resolution.

Imagine how blatant this case is.

++++++++++++++++++++++++++++++++++++++++++++++++++++++

Dear SB,

Just in case we forget ... OUR CPF BOARD has done a good job in this case for alerting the parties ... Bravo ahh...well done CPF BOARD...

 

[Lestat]

++++++++++++++++++++++++++++++++++++++++++++++++++++++

Dear SB,

Just in case we forget ... OUR CPF BOARD has done a good job in this case for alerting the parties ... Bravo ahh...well done CPF BOARD...

HA! For once they are actually doing their job!

 

[Mdm Tang]

HA! For once they are actually doing their job!

+++++++++++++++++++++++++++++++++++++++++++++++++++++++


CPF is doing a unthank job ...

put on perspective they are there to help you and me and all ...

 

[Mdm Tang]

Most of them are not aware that they have been swindled. The regulations are not clear or do not exist to control such activities. The few cases where lawyers and agenst were charged in court were due to information provided by parties that have fallen over.

I suppose money is also a factor when winning a case is not clear as the rules are not clear.

One big that the authorities is to create awareness and which websites to check for property sales. Where flipping or sales of undervalued properties have been transacted, a tribunal must be created with parties paying a small sum for arbitration or resolution.

Imagine how blatant this case is.

++++++++++++++++++++++++++++++++++++++++++++++++++++


Just heard that agents are going to buy Indemity Insurance to cover themselves just in case kana sue ...

But does Indem. Insurance cover things like this case ?

Just thinking : S$257 K who pays ?? insurance ? Then good luck to all poor HDB elderly etc...

 

[scroobal]

++++++++++++++++++++++++++++++++++++++++++++++++++++


Just heard that agents are going to buy Indemity Insurance to cover themselves just in case kana sue ...

But does Indem. Insurance cover things like this case ?

Just thinking : S$257 K who pays ?? insurance ? Then good luck to all poor HDB elderly etc...

No it does not. No form of insurance covers covers deception, obvious conflicts of interest etc. There are insurance cover where negligence is covered such as wrong paper work , deadline missed, data entered erroneously etc.

 

[Mdm Tang]

No it does not. No form of insurance covers covers deception, obvious conflicts of interest etc. There are insurance cover where negligence is covered such as wrong paper work , deadline missed, data entered erroneously etc.

Hah ... !

 

[Mdm Tang]

Sadly they could not handle the swindles that was going on with HDB property transactions where the there are lot of elderly and less worldly people.

Bro SB ,



ERA introduces measures to improve agents' transparency, accountability
By Cheryl Frois, Channel NewsAsia | Posted: 07 February 2009 0111 hrs


SINGAPORE : ERA Realty Network is implementing a set of measures to improve transparency and accountability on the part of its agents.

The move - the first of its kind in Singapore - comes on the heels of a court decision criticising the behaviour of two ERA agents for breach of duty and fraud.

On Thursday, the High Court ordered ERA to pay S$257,000 to a couple who had engaged one of the agents to sell their apartment.

Unknown to the couple, the agent sold the unit to his boss' wife who later flipped it for S$945,000 - making a S$257,000 profit.

With immediate effect, ERA agents will have to make a set of disclosures at the start of each proposed transaction.

Agents will be required to disclose any possible conflicts of interest and give an undertaking to customers that they are independent contractors of ERA, using its products, services and network to market the property.

This disclosure, the company said, is modelled after similar forms used in the insurance and financial services industry.

Property buyers will also be required to declare that they are not ERA agents or have immediate family members who are.

This disclosure, to be made before any offer to purchase an ERA-marketed property is accepted, is modelled after the purchaser declaration for new developments.

ERA also said it will be amending its agents' Code of Ethics within three months.

The guide will emphasise improving business practices and ethical guidelines for agents and customers. - CNA /ls

 

[scroobal]

Bro SB ,



ERA introduces measures to improve agents' transparency, accountability
By Cheryl Frois, Channel NewsAsia | Posted: 07 February 2009 0111 hrs


/ls

I thought Jack Chua ERA boss said that he going to appeal and stated for the umpteenth time that ERA did not benefit.

I guess clients must be dropping ERA agents by the bucketloads.

 

[kaipoh]

calling CASE; Property Tax Department; CBIP and relevant authorities to check on ERA to stop the defunct property transection practice.
can some brother here lodge complaint to CASE or property tax dept, appreciate indeed.

 

[jixiaolan]

I thought Jack Chua ERA boss said that he going to appeal and stated for the umpteenth time that ERA did not benefit.

I guess clients must be dropping ERA agents by the bucketloads.

I hope ERA do submit an appeal. These 2 agents together with the wife should be sent to jail. This is an outright fraud. ERA president is not wrong to say dat not only ERA agents do this, other agencies also got agents "like dat". Just like any bank, there is sure bound to have 1 rogus banker. The key is Jack dun see a problem with his agents going around to con people $ with this being a widespread practice in ERA and the company actually condone such unethical behaviour and criminal act.

Anyway, the realty industry is a highly unregulated one. But even then, one can safeguard themselves by hiring a certified realtor to best protect their interests. A Ceha certified realtor will be held accountable for any misdoing by the disciplinary board of SAEA which may resulted in a suspension of practice, let alone a downright con case. Where else a non-certified agent does not need to be answerable to any governing board. Since both certified and non-certified agent charge the same fee, who should be blame for engaging a dick and tom agent to represent them when the deal gone awry?

 

[scroobal]

I hope ERA do submit an appeal. These 2 agents together with the wife should be sent to jail. This is an outright fraud. ERA president is not wrong to say dat not only ERA agents do this, other agencies also got agents "like dat". Just like any bank, there is sure bound to have 1 rogus banker. The key is Jack dun see a problem with his agents going around to con people $ with this being a widespread practice in ERA and the company actually condone such unethical behaviour and criminal act.

Not sure if you read the papers. Marcus himself has testified that he is aware of it and has done it. The judgement is aimed at both the agents and ERA because of what was revealed in the trial. ERA actually initiated action in the small claims court against the couple for not paying the commission - la TT Durau logic.

The AG should direct CAD to investigate and if prima facie evidence exist, they night want to consider giving Jeremy Any immunity to testify and see what else comes out from the woodwork.

The Government has failed to provide a protection mechanism to safeguard property owners and in Singapore is all they have and the biggest life investment. At least they should crucify these bastards based on their tried and tested method of killings a few chickens to scare away the monkeys as Robox loves to say.