FSA bans and fines mortgage broker GBP100,000 for mortgage fraud
11th August 2008The Financial Services Authority (FSA) has banned a mortgage broker and fined him GBP100,000 for submitting false mortgage applications.
Omotayo Fawole was an FSA approved person and sole controller of Oasis Mortgage and Financial Services Limited (Oasis) based in Woolwich, south east London. The six figure fine is aimed at deterring approved persons from becoming involved in mortgage fraud.
FSA Director of Enforcement Margaret Cole said:
"Mr Fawole's actions were serious and blatant, and he poses an immediate risk to lenders. We have banned a number of mortgage brokers and others this year in connection with mortgage fraud and we will continue to make examples of people who commit mortgage fraud until behaviour changes.
"Perpetrators of fraud will increasingly find themselves facing bans and significant fines, as well as action by the police or other agencies aimed at confiscation of assets."
The FSA found that Mr Fawole:
- obtained a mortgage after submitting an application which significantly overstated the profits of Oasis and his own income; and
- submitted a mortgage application for an Oasis employee which significantly overstated their earnings.
The FSA has also cancelled the permission of Oasis.
