Sydneysider arrested as police swoop for records, vehicles
A Sydney mortgage broker who claims to have previously worked for National Australia Bank, is facing serious criminal charges after allegedly defrauding National Disability Insurance Scheme (NDIS) clients out of more than $700,000 over a five-year period, using their funds to support an opulent lifestyle in one of the city’s most affluent neighbourhoods.
Jimmy Koufos, 53, was arrested at his home in North Bondi last Thursday and appeared in Waverley Local Court the following day, where he was granted conditional bail. Police allege that Koufos, the founder of GAP Finance, deceived clients by promising to secure residential property linked to NDIS investments, but instead diverted the funds for personal use.
Although Koufos is not an NDIS employee, he is accused of charging fees for property deals that he claimed would benefit clients seeking supported housing under the national insurance scheme. In one case presented to the court, a woman reportedly transferred $465,000 from her self-managed superannuation fund, believing it would be invested in short-term defence loans. Investigators allege the money was misappropriated by Koufos.
Prosecutors also revealed that Koufos had purportedly presented a falsified academic credential, claiming to hold a degree from the University of New South Wales. Police say the charges currently before the court may not be the last, as additional alleged victims have come forward since his arrest.
Authorities began investigating Koufos last year following complaints in the Tuggerah Lakes region on the Central Coast. A NSW Police spokesperson confirmed that documents, records and electronic devices were seized during a search of Koufos' residence.
The case has also drawn renewed attention to past links between Koufos and other controversial figures associated with NDIS-related fraud. In a 2023 report aired by Channel Nine's A Current Affair, Koufos was named alongside former NDIS provider Denise Clissold, who has since been banned from the scheme for two years. Both were listed as directors of Kousold Property Holding, a company registered in 2022. Koufos, however, denied any formal affiliation with Clissold, stating at the time that he had never worked for her and had not received any payments.
The allegations have once again spotlighted the growing concerns around integrity within the NDIS. The scheme, already one of the federal government’s largest and fastest-growing expenditures, is projected to surpass the costs of Medicare and defence by the end of the decade. The Albanese government is under increasing pressure to respond to mounting evidence of systemic vulnerabilities being exploited by financial operators and service providers.
Koufos did not enter a plea at Friday’s hearing. His case is scheduled to return to court later this month as police continue to pursue further inquiries into his financial dealings.
