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London mortgage broker fined

Monday, 11 August 2008 12:00 AM

A London-based mortgage broker was today fined £100,000 and banned for submitting false mortgage applications.
 
The Financial Services Authority (FSA) took action against Omotayo Fawole of Oasis Mortgage and Financial Services in Woolwich, south east London, after he was found to have obtained a mortgage after submitting an application which significantly overstated the profits of his firm and his own income.
 
Mr Fawole also submitted a mortgage application for an Oasis employee which significantly overstated their earnings.
 
The FSA said the size of the fine was aimed at deterring approved persons from becoming involved in mortgage fraud.
 
Margaret Cole, 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."
 
So far this year the FSA has banned 17 other mortgage brokers for involvement in submitting false mortgage applications.
 
"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," said Ms Coles.
 

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