The Financial Services Authority (FSA) has banned six individuals from working within the mortgage industry after the watchdog discovered they had committed mortgage fraud.

Three of the six were working for the same company and one was given a fine of £130,000. Of those banned, most had presented misleading or falsified information in mortgage applications, according to the BBC’s report.

Margaret Cole, the FSA’s Director of Enforcement stated:

“These individuals put lenders at risk of financial crime and threatened to undermine confidence in the mortgage market, so this action makes the market a safer place.

“Our crackdown on mortgage fraud continues as a priority in our ongoing campaign against financial crime. Mortgage fraud is dishonest and anybody who perpetrates it will increasingly find themselves facing bans, large fines and forced to return their illicit gains.”

The six individuals included Jonathan Smith, Syed Meah and Neale Morton of Gateshead-based Neale Morton IMS Limited.

Mr Morton made a mortgage application for himself including false income and allowed his company to be used for mortgage fraud; he was give a fine of £130,192. During the FSA’s investigation, Mr Morton failed to disclose information. Mr Meah and Mr Smith each produced false documentation to the FSA.

The other three banned individuals are Monika Tewari, who submitted false incomes on two mortgage applications, Amanakwaa Adu, who submitted false income details and a false nationality, and Tony Oliver, who submitted false details. All were banned from working in financial services.

During the last three years the FSA has banned around 90 mortgage brokers and levied fines totalling over £1.7 million. The City watchdog has warned that more fines and bans are likely to be handed out.

Taking CeMAP training and becoming a mortgage advisor is a responsibility and a responsible mortgage broker should ensure that any details submitted are true to the best of their knowledge.

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  1. Pingback: UK: False documents used for mortgage fraud | Fake Certificates Blog

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