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19th broker ban in FSA’s mortgage fraud fight

The FSA has pledged to intensify its crackdown on mortgage fraud after handing out a £100,000 fine and banning two advisers, bringing the total banned this year to 19.

It slapped a £100,000 fine on Oasis Mortgage and Financial Services sole controller Omotayo Fawole and banned him for using false information to apply for mortgages. Fawole is the second broker to be hit with a six-figure fine this year. In July, the FSA fined a broker £129,000 for similar actions.

Doncaster mortgage broker Ian James has also been banned after applying for a personal loan supported by a falsified pay slip and making a claim to the bank which overstated his income. His company secretary wife has also been banned.

FSA director of enforcement Margaret Cole says: “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.”

Fawole, who was based in Woolwich, South-east London, obtained a mortgage after submitting an application which significantly overstated the profits of Oasis and his own earnings. He also submitted a mortgage application for an Oasis employee which again significantly overstated earnings.

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