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Moshe Yair Mordechai has been permanently banned from engaging in credit activities and financial services by the corporate regulator after it was found he had engaged in fraudulent activity.
In addition, ASIC has also cancelled the Australian credit licence issued to Australian Lending & Finance Corporation Pty Ltd (ALFC), of which Mr Mordechai was formerly a director.
According to a statement by ASIC, the company’s licence application was both false and 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’.
Both Mr Mordechai and ALFC are now entitled to appeal the decision.
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