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Tuesday 4 December 2018

18-367MR ASIC permanently bans convicted Victorian former brokers

ASIC has permanently banned Mr Najam Shah, formerly of Glen Waverley, Victoria, Mr Mohamed Ahmed of Hampton Park, and Mr Aizaz Hassan of Truganina, from providing financial services and engaging in credit activities.

Mr Shah, Mr Ahmed, and Mr Hassan were each convicted of one charge of conspiring to defraud financial institutions, with all three men playing a role in creating and using false documents to support loan applications, valued at approximately $170 million. The activity took place at former Footscray-based finance broking company, Myra Home Loan Pty Ltd.

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.

Mr Shah is currently serving a sentence of 5 years jail in relation to the conviction, and a minimum of 3 years and 3 months must be served before Mr Shah is eligible for parole. Mr Shah has appealed against his sentence.

Mr Ahmed and Mr 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.

Last updated: 06/12/2018 10:10