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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: No jail for two men involved in $170 million home loan fraud - Myra home loans worth $170 million relied on false documents.

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Home loan fraud 
 
No jail for two men involved in $170 million home loan fraud - Myra home loans worth $170 million relied on false documents.
 
16 December 2015
Sarah Danckert
 
 

Two men involved in what is thought to be Australia's biggest home loan fraud have avoided jail, after a court found they were exploited by the alleged mastermind of the $170 million scheme.

On Tuesday, Myra employee Mohamed Ahmed and former colleague and mortgage broker Aizaz Hassan were sentenced to a five-year community corrections order over their involvement in the "widespread financial conspiracy".

Both men pleaded guilty to one charge each of conspiracy to commit fraud, following an investigation by the Australian Securities and Investments Commission. Glen Waverley couple Najam Shah and Manija Zayee have also been charged over their alleged involvement in the scheme.

The County Court heard Mr Ahmed and Mr Hassan had worked at Myra, where 535 home loans totalling more than $170 million were drafted on behalf of Myra clients that relied on false documents, including fake pay slips, citizenship records, employment records and financial statements. 

The home loan fraud is believed to be the biggest in Australian history, with the court hearing 38 per cent of the home loans are either in arrears or subject to legal action.

The court heard the alleged head of the home loan rort, Mr Shah, received a financial benefit of $6 million from his involvement in the scheme, while Mr Ahmed received more than $37,000 in wages through his two-year employment at Myra and Mr Hassan received more than $61,000 in wages over a similar period.

The sentencing hearing also revealed a key figure alleged to be involved in the fraud, Giovanni Salvatore ("John") Chiaramonte, had fled the country and had not been charged.

Judge Elizabeth Lawson found Mr Ahmed and Mr Hassan had not been aware initially of the fraud and had joined Myra because both had difficulty obtaining work in the finance industry after finishing university.

"This is very serious offending," Judge Lawson said. "You both have no prior criminal history and there are no matters outstanding."

The judge added both men were employees of Myra and "were under the control of the architect of the scheme, Najam Shah".

Judge Lawson said both men had been "exploited" by Mr Shah.

In sentencing Mr Hassan, Judge Lawson said: "You present as a naive individual who was subject to exploitation by the older and more dominant character of Mr Shah."

Mr Hassan's sentence was also mitigated by the fact he left Myra before investigations began and Mr Hassan and had not taken Mr Shah's advice to flee the country.

Judge Lawson said Mr Ahmed's co-operation with authorities, including returning to Australia in the knowledge he would be questioned by authorities, and his very early plea had reduced his sentence.

Judge Lawson said both men would have been sentenced to five years in jail if not for the mitigating factors.

Mr Shah and Ms Zayee will face court in February at separate hearings.

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