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Belfast broker banned for mortgage fraud

The FSA has banned Belfast mortgage broker Gerard McStravick, trading as Fast Track Mortgage and Finance Consultants, for knowingly submitting false mortgage applications to lenders.

The FSA found a number of mortgage applications McStravick submitted contained false information about applicants’ incomes and employment details and were supported by false documents including faked pay slips and P60 forms.

The regulator says McStravick also provided false and misleading information to FSA investigators to prevent them from establishing the extent of his involvement.

He attributed all fraudulent mortgage applications to a former employee but false applications were submitted before and after the employee worked for him.

FSA head of retail enforcement Jonathan Phelan says: “Mr McStravick’s business was used to commit mortgage fraud and his actions posed a risk to lenders. Banning him is part of a wider FSA effort to tackle mortgage fraud, which includes us working alongside other authorities such as the police, and acting on information received from lenders and whistleblowers.”

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