Or: Let us never forget Men charged over alleged $110m home loan...

Or: Let us never forget

Men charged over alleged $110m home loan conspiracy in Melbourne
BFCSA archive, Updated Wed at 6:58amWed 7 Jan 2015, 6:58am

Two Melbourne mortgage brokers have been charged over allegedly providing false documents to support $110 million in home loans.
The Australian Securities and Investments Commission (ASIC) said Mr Najam Shah, 55, of Glen Waverly, and Mr Aizaz Hassan, 34, of Truganina,
had been charged with one count each of conspiracy to defraud, which carries a maximum penalty of 15 years' imprisonment.
The corporate regulator is alleging that the two men created and used false documents to support loan applications on behalf of their clients
over a three-and-a-half-year period between April 2008 and December 2011.
ASIC alleges that the false documents included payslips, bank statements, citizenship certificates and statutory declarations.
Mr Najam and Mr Hassan ran Myra Home Loan Pty Ltd (trading as Myra Financial Services) at Footscray in Melbourne
during the period of the alleged fraud.
The regulator said that at least 350 home loans worth about $110 million were submitted and approved
on behalf of Myra clients during the period of the alleged conspiracy.
ASIC alleges that more than 300 loan applications containing false documents were submitted
to financial institutions including all four major banks, their subsidiaries, the major regional banks and other institutions.
Mr Shah and Mr Hassan were granted bail on the conditions of reporting to police twice a week, surrendering their passports and not attending any points of international departure.
Both men will appear in the Melbourne Magistrates Court on April 17.
Mr Shah's partner and former Myra director Manija Zayee was also charged with obtaining a financial advantage
by deception in relation to the alleged use of false documents in support of a home loan application in her own name in September 2009.
She is scheduled to appear in court on January 27.
Consumer warning
This is not the first case ASIC has run over alleged mortgage fraud, although it is the largest so far.
New South Wales mortgage broker Moustafa Dandachli of Georges Hall pleaded guilty in 2013 to 10 charges
of providing false loan applications to lenders for loans worth almost $3.8 million over a six-month period,
and was sentenced to a two-year good behaviour bond and a permanent ban from credit activities.
--------------------------------------------------
ASIC lets alleged $110m fraudster flee Australia

The Australian Securities and Investments Commission allowed a mortgage broker integral
to the alleged fraud to work unimpeded in the finance industry for at least another three years
after coming under suspicion.

https://www.evernote.com/pub/recadb/asicemails#st=p&n=1ad4ab6a-472e-42cc-9b6e-c83223ee264d
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This May will see G. Medcraft exit ASIC after massive frauds on HIS WATCH
have ruined thousands of lives, PIF included.
GM has missed a couple of juicy pre-retirement employment harbours;
thankfully a re-appointment/extension in ASIC is not one of them.

Regards,