FSA bans and fines mortgage broker over £100,000
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The FSA has also cancelled the permission of Dynamic Mortgages.
The regulator found that Kennedy obtained a mortgage for himself using false and misleading information about his earnings and employment.
He was also knowingly involved in the submission of mortgage applications for at least four customers that were based on false and misleading information about them.
The FSA says the fine, consisting of a £100,000 financial penalty and the return of £1,106 worth of illicit profit, is aimed at deterring approved persons from becoming involved in mortgage fraud.
In a separate case the FSA has also banned North London broker Moses Luzinda trading as Remos and Co for submitting false mortgage applications.
The regulator says Luzinda was knowingly involved in the submission of mortgage applications to lenders for himself and his customers based on false and misleading information.
He also gave contradictory excuses for failing to comply with FSA requests for mortgage client files. Luzinda claimed that the files were stored at another location and also that they had been converted into electronic format and subsequently lost during a computer crash.
FSA director of enforcement Margaret Cole said: “The actions of Mr Kennedy and Mr Luzinda were serious and blatant and posed an immediate risk to lenders. As part of our crackdown on mortgage fraud we have banned a number of mortgage brokers and others in the last year 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, significant fines, and being required to disgorge illicit gains made through their fraudulent activities.”
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