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The High Court laid down its decision on two ERA agents, who are found guilty of using the Agency’s name to trick a couple.
Mister Yuen Chow Hin and Wong Wai Fan are about to receive $257,000 from the agents, who had transacted business in an unethical manner.
Justice Choo Han Teck sentenced ERA agents Jeremy Ang and Mr. Mike Parikh for fraud and breach of duty. The justice also ordered the two to return $257,000 to the Yuen couple.
ERA agents convinced the couple to sell their Riverside Piazza 2-bedroom property through for just 688,000. However, the transaction appeared to be a hoax to earn more out of the property.
After transacting the deal, the agents handed it over to his boss’ wife, who undertook a second deal, which allowed them to earn significantly by reselling the property for $945,000.
The judge also found out that Mr. Parikh really had the intention to buy the property and resell it for a much higher price, especially during the property boom period.
Parikh was said to have used his agents and his wife to distance himself from the negotiation.
Mister Ang appeared to be the link, while Mr. Parikh was the master planner of the flipped deal.
The judge felt that the transaction was plainly based on the intention to earn more, without considering the ill nature of the deal.
“This responsibility that the agent bears is the foundation of the ethical rules and contractual principles that prohibit an agent from citing in conflict of interests and reaping secret profits for himself or his friends,” the judge said.
Justice Choo even discovered that the transaction had been done numerous times before. Mr. Chu said that his co-agents and officers had participated in same type of transaction.
Choo also shunned ERA’s argument that the company was not liable in behalf of its agent’s transaction, citing them as independent contractors.
Some of the specimens seen in the option form were a printed ERA logo; Madam Wong and ERA commission agreement; and an advertisement persuading the public about the company’s awareness of the deal.
“ERA intends to appeal the court decision that finds our company liable as we did not benefit from the transaction,” said ERA President Jack Chua.
Institute of Estate Agents Mr. Jeff Food said that the case would have never happen in the first place if the real estate agents and agencies are licenced.
“In this way, the industry will be regulated and everybody can be held responsible and accountable for their actions,” he said.
Mr. Ang is not a registered member of IEA, according to Mr. Food.
It seems to me crime pay,look in at his new website which i manage to find out it was him,look at the listings and he even has sentosa
http://www.67862000.com/
Mister Yuen Chow Hin and Wong Wai Fan are about to receive $257,000 from the agents, who had transacted business in an unethical manner.
Justice Choo Han Teck sentenced ERA agents Jeremy Ang and Mr. Mike Parikh for fraud and breach of duty. The justice also ordered the two to return $257,000 to the Yuen couple.
ERA agents convinced the couple to sell their Riverside Piazza 2-bedroom property through for just 688,000. However, the transaction appeared to be a hoax to earn more out of the property.
After transacting the deal, the agents handed it over to his boss’ wife, who undertook a second deal, which allowed them to earn significantly by reselling the property for $945,000.
The judge also found out that Mr. Parikh really had the intention to buy the property and resell it for a much higher price, especially during the property boom period.
Parikh was said to have used his agents and his wife to distance himself from the negotiation.
Mister Ang appeared to be the link, while Mr. Parikh was the master planner of the flipped deal.
The judge felt that the transaction was plainly based on the intention to earn more, without considering the ill nature of the deal.
“This responsibility that the agent bears is the foundation of the ethical rules and contractual principles that prohibit an agent from citing in conflict of interests and reaping secret profits for himself or his friends,” the judge said.
Justice Choo even discovered that the transaction had been done numerous times before. Mr. Chu said that his co-agents and officers had participated in same type of transaction.
Choo also shunned ERA’s argument that the company was not liable in behalf of its agent’s transaction, citing them as independent contractors.
Some of the specimens seen in the option form were a printed ERA logo; Madam Wong and ERA commission agreement; and an advertisement persuading the public about the company’s awareness of the deal.
“ERA intends to appeal the court decision that finds our company liable as we did not benefit from the transaction,” said ERA President Jack Chua.
Institute of Estate Agents Mr. Jeff Food said that the case would have never happen in the first place if the real estate agents and agencies are licenced.
“In this way, the industry will be regulated and everybody can be held responsible and accountable for their actions,” he said.
Mr. Ang is not a registered member of IEA, according to Mr. Food.
It seems to me crime pay,look in at his new website which i manage to find out it was him,look at the listings and he even has sentosa
http://www.67862000.com/
