ASIC permanently bans three convicted Victorian brokers
ASIC has permanently banned three Victoria-based brokers from providing financial services and engaging in credit activities.
The Australian Securities and Investments Commission (ASIC) said earlier this week it has permanently banned Najam Shah, Mohamed Ahmed and Aizaz Hassan for conspiring to defraud financial institutions.
All three men are believed to have played a role in creating and using false documents to support loan applications, valued at about $170 million, ASIC said.
The activity took place at former Footscray-based finance broking company, Myra Home Loan.
“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 corporate regulator explained.
Shah is currently serving a sentence of five years jail in relation to the conviction, and a minimum of three years and three months must be served before he is eligible for parole. Shah has appealed against his sentence.
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.
All three men have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.