A spokesperson for AFG said Mr Hassan, 34, had been suspended in light of the criminal charges and a comprehensive internal investigation was under way into his work. His position was as a finance and operations manager at Cigna Financial - part of the AFG network - according to Cigna's corporate website. Fairfax Media can also reveal that the second man in the alleged fraud ring, Najam Shah, was declared bankrupt last month. Financial records show a man with the same name and birthdate also spent four years as a bankrupt between 2003 and 2007 and was known by the alias Najam Zaidi. ASIC alleges the two were the architects of a complex scheme that used faked documents to take out home loans from the Commonwealth Bank, ANZ, NAB, Westpac and a host of other lenders. "During the period in which it is alleged the conspiracy occurred at least 350 loans valued at approximately $110 million were submitted and approved on behalf of Myra clients," ASIC said in its media statement.