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Banned mortgage broker guilty on 10 counts of fraud


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.



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There are 3 comments at the moment, we would love to hear your opinion too.

  1. Yet, not 1 banker has been arrested over the LIBOR fixing. Go figure!!!

  2. Doesn’t the law state that be maximum penalty for unauthorised advice is two years in prison and unlimited fines.

    If this was a serious case then shouldn’t there have been a custodial sentence to go along with the fine.

    Wonder how many other financial advisers & mortgage broker that have deregister will start to realise the game is up.

  3. This story is confusing. 1. Mortgage advisers don’t have to be individual regulated or qualified. 2. A firm providing mortgage advice has to be registered. 3. To accept applications on an advisory business,the firm is usually asked to prove to the lender or packager that the firm is authorised and depending on what business is being submitted (I.e. b2l or 2nd charge) that they have a ccl, so how was business being submitted?

    There is more to this story than meets the eye….

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