Broker ‘swindled NDIS clients out of $700,000’

A Sydney mortgage broker alleged to have swindled more than $700,000 from unsuspecting clients through the National Disability Insurance Scheme may face further charges, with police confirming additional alleged victims have come forward.

Police will allege Jimmy Koufos stole hundreds of thousands of dollars from several victims over the course of five years, claiming to purchase residential properties for NDIS clients while using the money to fund a lavish lifestyle in Sydney’s east.

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A Sydney mortgage broker alleged to have swindled more than $700,000 from unsuspecting clients through the National Disability Insurance Scheme may face further charges, with police confirming additional alleged victims have come forward.

Sydney mortgage broker Jimmy Koufos, 53, was granted conditional bail at Waverley court on Friday a day after police arrested him at his North Bondi home.

Police will allege Mr Koufos stole hundreds of thousands of dollars from several victims over the course of five years, claiming to purchase residential properties for NDIS clients while using the money to fund a lavish lifestyle in Sydney’s east.

The director and founder of Sydney-based firm GAP Finance allegedly created a fictional degree from the University of NSW.

While Mr Koufos did not purport to be an officer of the NDIS, it is alleged that victims handed over large sums of cash or purchased properties meant for the provision of NDIS services which the broker charged fees for.

The court heard an alleged victim, who had lost her life savings, transferred the broker $465k from a self-managed super account, meant to be invested in short-term defence loans but instead allegedly pocketed by Mr Koufos “for his own purposes”.

Police prosecutors told the court, it “appeared as though” the businessman was linked to individuals mentioned in an article published by Channel Nine’s A Current Affair TV program.

Last year the show published an expose on NDIS provider Denise Clissold, who drained her clients funds while failing to provide the services they needed.

She has since been banned from the NDIS for a two-year period.

The article listed both Mr Koufos and Ms Clissold as heads of Kousold Property Holding, a company registered in mid 2022.

However in the same article, Mr Koufos told Nine he had “never worked for (Cissold)” and had “never been paid by them”, claiming he was actually a victim of the shoddy NDIS provider.

Police say the investigations into Mr Koufos’ dealings began in June of last year, with a NSW Police spokesman confirming that “Tuggerah Lakes Police District commenced an investigation into alleged National Disability Insurance Scheme (NDIS) fraud incidents on the Central Coast”.

“During a search of the unit, police allegedly located and seized several documents, records, and electronic storage devices,” he said.

The arrest highlights the growing issues faced by the federal Labor government on rorts within the insurance scheme, which is set to outstrip both Medicare and defence spending within the decade.