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FSA bans mortgage broker for self-cert fraud

The FSA has banned its fourth mortgage broker in six weeks for fraudulent mortgage activities.

The regulator has revealed that Tooting-based mortgage broker Guiliano Chianelli of GCM has been banned for declaring false and misleading information about his income in order to obtain a mortgage.

Chianelli was banned after applying for a self-cert mortgage with a false income declaration; he said he earned £70,000 a year from his brokerage when HM Revenue & Customs found he only earned around £9000. Chianelli claimed that the income figures were correct because the difference was made up by his winnings from gambling, which were not subject to tax.

Chianelli also failed to co-operate with the FSA by refusing to provide his customers’ mortgage files. Chianelli blamed a lack of time for not submitting the files. The FSA says Chianelli “had more than sufficient time to find the files requested by the FSA”.

FSA enforcement director Margaret Cole says: “Chiannelli’s explanation about his income on his mortgage application was not acceptable, nor was his blatant refusal to make his client files available for scrutiny by the FSA.

“Our crackdown on mortgage fraud continues as a priority in our campaign against financial crime. We have banned more than 50 mortgage brokers over the last two and a half years. We will continue to ban such people to get across the message that giving false and misleading information to prospective lenders is dishonest.”


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  1. FSA bans mortgage broker for self-cert fraud
    If you think this is the last case of fraud you must be joking. He’s one of the few from hundreds who self certify that make up there self employed income. They do this to get high mortgages or because they fiddle their books for the tax man or they are employed on low wages so get around it this way.

    Brokers have always helped “point” people in the direction how to get a mortgage for the property they want. You cannot stop this, the FSA cannot and dont have the skill or man power. the police are far too busy, yet so much gets reported to them. What a world i live in eh?

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