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FSA bans and fines fraudulent mortgage broker £100,000

The Financial Services Authority has banned a mortgage broker and fined him £100,000 for submitting false mortgage applications.

Oasis Mortgage and Financial Services Limited sole controller Omotayo Fawole was an FSA approved broker based in Woolwich, south east London.

The FSA found that Fawole obtained a mortgage after submitting an application which significantly overstated the profits of Oasis and his own earnings. He also submitted a mortgage application for an Oasis employee which again, significantly overstated earnings.

The watchdog says the six figure fine is aimed at deterring approved brokers from becoming involved in mortgage fraud. The FSA has also cancelled the permission of Oasis Mortgages.

FSA director of enforcement Margaret Cole says: “Mr Fawole’s actions were serious and blatant, and he poses an immediate risk to lenders. We have banned a number of mortgage brokers and others this year in connection with mortgage fraud and we will continue to make examples of people who commit mortgage fraud until behaviour changes.

“Perpetrators of fraud will increasingly find themselves facing bans and significant fines, as well as action by the police or other agencies aimed at confiscation of assets.”

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