Australia’s financial regulator has banned three Melbourne finance brokers after they were convicted of conspiring to defraud financial institutions.
Najam Shah of Glen Waverly, Mohamed Ahmed of Hampton Park and Aizaz Hassan of Truganina, have been banned for life from providing financial services and engaging in credit activities.
The trio was convicted of one charge of conspiring to defraud after an investigation by the Australian Securities and Investments Commission found all three men were using false documents to support loan applications totalling nearly $170 million at a Footscray finance broking firm, Myra Home Loan.
ASIC investigated Myra Financial Services and alleged that documents including bank statements, payslips, citizenship certificates and statutory declarations were falsified and used to support applications for home loans and house and land packages.
Mr Shah was arrested in 2015 and is currently serving a sentence of 5 years jail in relation to the conviction after he pleaded guilty in October last year.
Both Mr Ahmed and Mr Hassan were sentenced to a five-year community correction order in relation to the conviction, with special conditions, including 400 hours of community service for their role in the conspiracy.
The financial regulator said the convicted men were unfit to provide financial services.
“ASIC has determined, as a consequence of their criminal convictions, that Mr Shah, Mr Ahmed, and Mr Hassan are not of good fame or character to provide financial services and are not fit and proper people to engage in credit activities,” the Australian Securities and Investments Commission said in a statement.
Mr Shah who has appealed against his sentence must serve a minimum of three years and three months before he is eligible for parole.
