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Convicted company director permanently banned from credit and financial services

by Martha.Ware 22. June 2011 09:19

ASIC has permanently banned Mr Moshe Yair Mordechai, formerly of Glenwood, New South Wales, from engaging in credit activities and financial services as a result of a history of serious fraud offences.

ASIC has also cancelled the Australian credit licence (credit licence) issued to Australian Lending & Finance Corporation Pty Ltd (ALFC), of which Mr Mordechai, 55, was formerly a director, on the grounds that its credit licence application was false or misleading.

Under the National Consumer Credit Protection Act 2009, the licence application process requires corporations to nominate a responsible person for the purpose of determining whether the corporation is competent to engage in credit activities. The responsible person nominated in ALFC’s licence application was ‘John Frederick Kennedy’, which was in fact an alias used by Mr Mordechai.

ALFC’s credit licence application stated that ‘Mr Kennedy’ had not within the last 10 years:

  • been convicted of a criminal offence;
  • been insolvent; or
  • been known by any other name.

ASIC determined that the above statements were false.

In particular, Mr Mordechai had been convicted in 2007 and 2008 of numerous fraud offences, including possessing and using false credit and debit cards and false identification documents. He had also been declared bankrupt in 2006 under the alias ‘Jamal Almostafa’.

Mr Mordechai and ALFC have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.

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ASIC



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