Ruckman, MMA fighter and cafe supremo snared in corporate collapse

A financial planning group at the centre of a major investigation by the corporate watchdog employed a convicted fraudster and MMA fighter as its administration manager.

The company, overseen by former VFL ruckman Ferras Merhi, also did business deals with a man banned from working in financial services for five years because of mismanagement of client funds.

Osama “Sam” Saad (left) and Ferras Merhi after the February 25 Federal Court hearing about the freezing orders over their assets.Credit: Chris Hopkins

The company – Venture Egg – is now being probed by the Australian Securities and Investments Commission for plunging customers into the now-collapsed Shield Master Fund, overseen by fund manager and property developer Paul Chiodo.

At the height of the scheme attracting new customers in 2023, Venture Egg’s administration manager was Sumaya Hasan – an MMA fighter specialising in ju-jitsu.

Hasan, then known by her birth name Sumaiah Alshakshir, was convicted of fraud in 2021 over her role in an NDIS fraud ring that lodged overinflated claims on disability treatment plans. The members of the ring spent the money on luxury goods and property in Indonesia. Hasan was sentenced to a two-year intensive corrections order, suspended after six months.

As well as her employment link to Venture Egg, Hasan also has a family connection.

A talented MMA fighter, Sumaiah Alshakshir is also a former employee of Venture Egg and Bespoke Marketing. She was convicted in 2021 of fraud offences. Credit: Instagram

She is the sister of Bentley-driving cafe owner Rashid Alshakshir, who has come under ASIC’s gaze after Chiodo paid him $35 million for help delivering new customers to the investment scheme, along with another man, Merhi’s friend and business partner, Osama Saad.

Hasan was also working as the head of operations for her brother’s group, Bespoke Marketing – one of a network of companies that pushed investors into Chiodo’s scheme – at the same time she worked at Venture Egg.

Through its network of financial planners, Venture Egg has clients around the country, many of whom have large portions of their superannuation trapped in the collapsed scheme.

Merhi told this masthead via his media manager that Venture Egg parted ways with Hasan after learning of her criminal record. Her profile on LinkedIn, where she lists her job title as general manager, says she left in October 2023.

Rashid Alshakshir outside his Essendon property in early February when he declined to answer questions.Credit: Justin McManus

He said Hasan’s employment was recommended by her brother Alshakshir. He also denied running a close business arrangement with Alshakshir and insisted the relationship was an “arm’s-length one with his [Alshakshir’s] marketing company”, and that they had visited each other’s offices as a normal course of business.

Hasa and Alshakshir did not respond to inquiries.

Another person with a colourful background with close links to Venture Egg and Chiodo is former financial planner Bill El-Helou.

El-Helou was banned from working in financial services for five years in 2017 for failing to act in the best interests of clients, failing to provide basic documents to customers and for not being competent to provide financial services.

Before the ban, he was working with Merhi at Venture Egg, according to historical searches of the company’s website.

El-Helou and Merhi’s social media posts also show the pair have long been friends, participating in social activities such as attending Carlton Football Club games together and visiting a shooting range. El-Helou also has ties to Chiodo.

In 2023, El-Helou set up a company, 417 Bellmere Road Pty Ltd, that listed him as the sole director and Chiodo Corporation as a shareholder along with the domestic partners of Merhi and El-Helou. The company then struck a deal to buy a property in Bellmere, a rural locality on the outskirts of Caboolture, placing a caveat on the title.

Despite having no planning applications on foot or the sale of the property being completed, a development loan relating to the property was listed in the Chiodo fund that received large sums of investor money.

Regarding the Bellmere transaction, Merhi said: “In the normal course of business, I introduced El-Helou to Chiodo. We were advised that Chiodo personally funded the project NOT Shield.”

Merhi said El-Helou was his business partner from the inception of Venture Egg in 2015. “Unfortunately, I was unaware that he had been banned for behaviour at a previous employer. He left the business in 2017.”

El-Helou did not respond to this masthead’s questions about his involvement in the scheme. “However, I remain willing to assist the authorities should they require any information from me,” he said.

El-Helou added: “I acknowledge the seriousness of the allegations currently under investigation by the relevant authorities, including ASIC. My thoughts are with the individuals and families who may have been adversely affected by this situation.”

From left: Bill El-Helou, Ferras Merhi and Osama “Sam” Saad in 2019 on a visit to a shooting range. Credit: Instagram

The corporate watchdog alleges vast sums of investor money, including that of Venture Egg customers, was improperly directed to another fund operated by Chiodo that held investments in his property developments.

An earlier investigation by this masthead revealed many of these developments did not have approved plans or were listed in the fund without the transaction to acquire the site being completed.

In February, the Federal Court froze the assets of Merhi and Saad as part of the ASIC investigation.

Bill Helou’s profile picture from a webpage on Tax E’s website that Merhi says was not supposed to be published. Credit: Internet

Merhi strenuously denied ASIC’s allegations that Venture Egg had improperly managed its planners and clients and had led investors into the Shield Master Fund for commission. He also denied receiving any commissions like the ones paid to Saad or Alshakshir by Chiodo’s businesses, as indicated in Chiodo’s business ledgers filed by ASIC in the Chiodo proceeding, saying the ledgers were wrong.

“I completely reject the characterisation. I believe I have always fulfilled my responsibilities and legal duties as a qualified financial planner,” he said.

“Since late 2023, I have been co-operating fully with ASIC’s ongoing investigations connected with the Shield Master Fund.”

Merhi said he had relied on the due diligence of investment platform manager Macquarie, which made the Shield Master Fund available to its clients, and the ratings provided by research agency SQM to the fund.

Alshakshir recently shut down his three Tickled Pink cafes in Melbourne, and his Bali venue appeared long closed when visited by this masthead in early February. A number of websites connected to his firm related to switching super funds or finding lost super were also closed following this masthead’s inquiries in December.

Paul Chiodo, who has long denied any mismanagement of the Shield fund and has maintained he was unfairly targeted by the regulator, told this masthead El-Helou was engaged for the project management of a subdivision. He said he was not aware of El-Helou’s prior issues with ASIC.

He said the payments to Alshakshir, Saad, Merhi and Venture Egg were standard industry practice, and the payments were made on a fee for service (as opposed to commission) basis.

Regarding the Bellmere deal, Chiodo said: “We have groups and individuals that provide us with development opportunities all the time, and this development had enough upside to secure a loan against this project.”

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