£130K fine and six banned by FSA for mortgage fraud
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The FSA has banned six individuals and fined one over £130,000 for failings in relation to mortgage fraud.
Neale Morton was the principal and director of Neale Morton IMS Limited, based in Gateshead, Tyne and Wear. The FSA has banned and fined him £130,192 for involvement in mortgage fraud and for systems and controls failings at IMS.
Two advisers at IMS, Jonathan Smith and Syed Meah, have also been banned.
Meah did not notify the FSA that he had been arrested on suspicion of money laundering and had been suspended as a mortgage adviser at IMS. In an interview with the FSA, Smith estimated that about 5 per cent of the mortgage business he submitted at IMS was “crooked”.
Monika Tewari, Amanakwaa Adu, trading as Distinct Financial Services in Leytonstone, and Tony Oliver, trading as Finesse Financial in Barking, Essex, have all also been banned for submitting mortgage applications containing false information.
These actions bring the total number of banned mortgage brokers to 91.
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