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Finance broker pleads guilty on conspiracy to defraud

A former finance broker, Aizaz Hassan, has pleaded guilty in the Melbourne Magistrates' Court to one charge of conspiring to defraud financial institutions, the Australian Securities and Investments Commission stated yesterday. Hassan and his co-accused, Najam Shah, were both arrested in January and charged with conspiring with others to defraud financial institutions. Both men are on bail, due to appear in Melbourne courts in coming weeks.The charges follow an ASIC investigation into Footscray company, Myra Home Loan Pty Ltd, trading as Myra Financial Services (now defunct). Hassan's guilty plea relates to his role in submitting false documents in support of loan applications on behalf of Myra's clients between about March 2008 and August 2010. The loan applications totalled approximately A$110 million, ASIC stated.

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