A mortgage broker has pleaded guilty to 10 counts of giving unauthorised advice and seven counts of fraud.
At Maidstone Crown court today Michael Joseph James Lewis admitted he continued to give mortgage advice despite being banned by the Financial Conduct Authority on 9 August 2011.
He also admitted submitting false employment details for two clients in order to inflate their income.
The FSA initially fined Lewis £106.499 and banned him for submitting false and misleading information to lenders on mortgage applications.
The 65 year old was originally arrested on 24 October 2012 in a joint operation between the FCA and Kent Police and charged by the FCA on 7 February 2013.
Lewis operated as The Lewis Partnership or The Medway Partnership from premises in Gillingham, Kent and at the time of his arrest was working at Lovetts Property Services, estate agents in Broadstairs, Kent.
FCA director of enforcement and financial crime Tracey McDermott says: “We banned Lewis because of the risk he posed to consumers and the markets. Where someone flouts such a ban we will have no hesitation about taking the strongest possible action against them. People should be in no doubt that we mean business.”
Lewis will be sentenced on 12 July and his Honour Judge Byers said today all sentencing options remained open.