View more on these topics

Ex-broker jailed for mortgage fraud

judge-gavel-law-justice-fine-ban-500x320.jpg

Former mortgage broker Michael Lewis has been sentenced to two years in prison for two counts of mortgage fraud and 10 counts of continuing to give mortgage advice despite being banned by the FSA.

Lewis submitted false employment and income details on mortgage applications in a bid to trigger substantial arrangement fees. In one case Lewis sought fees of £12,000.

He was banned and fined £106,499 by the FSA in August 2011.

The Financial Conduct Authority found Lewis ignored the ban against him and had been providing mortgage advice to clients up until his arrest on 24 October 2012.

Lewis pleaded guilty to the counts against him at a hearing on 14 June.

During the sentencing at Maidstone Crown Court last week, judge Byers said Lewis had advised vulnerable clients and his actions may have left borrowers with mortgages they could not afford.

FCA director of enforcement and financial crime Tracey McDermott says: “Lewis thought he could ignore our prohibition order, but he thought wrong. This fully deserved two year jail sentence shows just how much his arrogance has cost him.”

Lewis was made bankrupt in April 2012 and as a result none of the £106,499 FSA fine has been paid.

Chartwell Funding managing director Robert Winfield says: “It is good to see jail time being used as a punishment for this kind of case.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com