DoubleBay Partners accuses its former controller of embezzling. (Stock image)
A south metro judge has frozen the bank accounts of Thomson Tse, the former controller of a commercial real estate firm that is accusing him of embezzling nearly $400,000.
On April 15, District Judge Thomas Henderson ordered Bank of America and Bellco Credit Union not to allow withdrawals from Tse’s five accounts for two weeks, after DoubleBay Partners warned that Tse was trying to run off with the supposedly stolen money.
“The steps that Tse has taken to conceal his activities are quite sophisticated and designed to put his ill-gotten gains beyond the reach of DoubleBay,” that company wrote April 14.
Located in the Denver Tech Center, DoubleBay is a private investment firm with an industrial real estate focus. It and its investors have about 30 properties in Colorado, it says.
Tse was hired to handle the firm’s accounting in 2022. On a since-deleted LinkedIn page, he described himself as a real estate entrepreneur with years of relevant experience.
On March 28, DoubleBay got an unusual call from FirstBank. The bank had just spoken with Bellco, which relayed that three FirstBank checks made out to DoubleBay LLCs were being deposited into Tse’s private bank account, according to DoubleBay’s April 14 lawsuit.
DoubleBay says it then confronted Tse, who not only admitted embezzling money but provided spreadsheets showing the $228,981 he had taken, down to the penny. He texted the firm’s owners that he would “make things right” and “was working on selling assets.”
But he hasn’t, DoubleBay says. Instead, Tse used fake accounting entries to hide other thefts, according to his former employer. And he didn’t fess up to the full crime, it says.
“Based on (an internal) investigation, which is not yet complete, it has come to light that Mr. Tse has stolen in excess of $378,000 from DoubleBay,” that firm alleged in its lawsuit.
In addition to cashing $103,000 in checks meant for the company, Tse also transferred $248,000 in DoubleBay funds to himself and created phony invoices, DoubleBay alleges.
Tse, who earned $150,000 per year before his April 5 firing, is said to have spent much of the money on a 2022 McLaren 720S sports car, which retails for $300,000. He has a $700,000 house in Centennial and also is an investor in four DoubleBay properties.
“Tse’s actions and betrayal of trust are particularly reprehensible given his status as a fiduciary of DoubleBay, and DoubleBay owes a duty to its investors to seek the recovery of all sums stolen by Tse,” the company wrote in asking Henderson to freeze Tse’s assets.
DoubleBay is pursuing a long list of claims against its former controller, including theft, fraud, concealment, breach of fiduciary duty, breach of contract and unjust enrichment.
Tse did not answer BusinessDen’s calls and emails seeking to discuss the lawsuit, which he has not yet been served with. DoubleBay founder Aviv Rubin declined to be interviewed.
DoubleBay’s lawyers are Brad Schacht and Nicholas Gunther at Otten Johnson in Denver.
DoubleBay Partners accuses its former controller of embezzling. (Stock image)
A south metro judge has frozen the bank accounts of Thomson Tse, the former controller of a commercial real estate firm that is accusing him of embezzling nearly $400,000.
On April 15, District Judge Thomas Henderson ordered Bank of America and Bellco Credit Union not to allow withdrawals from Tse’s five accounts for two weeks, after DoubleBay Partners warned that Tse was trying to run off with the supposedly stolen money.
“The steps that Tse has taken to conceal his activities are quite sophisticated and designed to put his ill-gotten gains beyond the reach of DoubleBay,” that company wrote April 14.
Located in the Denver Tech Center, DoubleBay is a private investment firm with an industrial real estate focus. It and its investors have about 30 properties in Colorado, it says.
Tse was hired to handle the firm’s accounting in 2022. On a since-deleted LinkedIn page, he described himself as a real estate entrepreneur with years of relevant experience.
On March 28, DoubleBay got an unusual call from FirstBank. The bank had just spoken with Bellco, which relayed that three FirstBank checks made out to DoubleBay LLCs were being deposited into Tse’s private bank account, according to DoubleBay’s April 14 lawsuit.
DoubleBay says it then confronted Tse, who not only admitted embezzling money but provided spreadsheets showing the $228,981 he had taken, down to the penny. He texted the firm’s owners that he would “make things right” and “was working on selling assets.”
But he hasn’t, DoubleBay says. Instead, Tse used fake accounting entries to hide other thefts, according to his former employer. And he didn’t fess up to the full crime, it says.
“Based on (an internal) investigation, which is not yet complete, it has come to light that Mr. Tse has stolen in excess of $378,000 from DoubleBay,” that firm alleged in its lawsuit.
In addition to cashing $103,000 in checks meant for the company, Tse also transferred $248,000 in DoubleBay funds to himself and created phony invoices, DoubleBay alleges.
Tse, who earned $150,000 per year before his April 5 firing, is said to have spent much of the money on a 2022 McLaren 720S sports car, which retails for $300,000. He has a $700,000 house in Centennial and also is an investor in four DoubleBay properties.
“Tse’s actions and betrayal of trust are particularly reprehensible given his status as a fiduciary of DoubleBay, and DoubleBay owes a duty to its investors to seek the recovery of all sums stolen by Tse,” the company wrote in asking Henderson to freeze Tse’s assets.
DoubleBay is pursuing a long list of claims against its former controller, including theft, fraud, concealment, breach of fiduciary duty, breach of contract and unjust enrichment.
Tse did not answer BusinessDen’s calls and emails seeking to discuss the lawsuit, which he has not yet been served with. DoubleBay founder Aviv Rubin declined to be interviewed.
DoubleBay’s lawyers are Brad Schacht and Nicholas Gunther at Otten Johnson in Denver.
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