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Broker banned for helping launder drugs money

A former mortgage broker has been banned for submitting false mortgage applications to lenders to facilitate money laundering of cash obtained through drug trafficking.

Scott Merrell was convicted of four counts of obtaining a money transfer by deception, and two counts of attempting to obtain a money transfer by deception at Nottingham Crown Court in June 2008.

Merrell pleaded guilty and was sentenced to 14 months in prison for each offence – a total of seven years.

The FSA therefore concluded that he was not a fit and proper person to carry out regulated activities and he has been banned.


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