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Three finance brokers have been permanently banned for conspiring to defraud financial institutions.
The Australian Securities and Investments Commission (ASIC) permanently banned Najam Shah, formerly of Glen Waverley, Victoria, Mohamed Ahmed of Hampton Park, and Aizaz Hassan of Truganina, from providing financial services and engaging in credit activities.
Shah, Ahmed and Hassan were each convicted of one charge of conspiring to defraud financial institutions.
All three men played a role in creating and using false documents to support loan applications, valued at around $170m.
The activity took place at former Footscray-based finance broking company, Myra Home Loan Pty Ltd.
ASIC determined that as a consequence of their criminal convictions, Shah, Ahmed and Hassan are “not of good fame or character to provide financial services and are not fit and proper people to engage in credit activities”.
Shah, who has appealed against his sentence, is currently serving a sentence of five years in jail in relation to the conviction. A minimum of three years and three months must be served before Shah is eligible for parole.
Ahmed and Hassan were each sentenced to a five-year community correction order in relation to the conviction, with special conditions, including 400 hours of community service.
