The FSA has banned a mortgage broker after she was found guilty of 13 counts of financial crime, including fraud and obtaining money by deception.
In February 2010, Winchester Crown Court found Yasmin Choudhary, trading as Adams Financial Services, guilty of nine counts of obtaining a money transfer by deception, one count of attempting to dishonestly obtain money by deception and three counts of fraud. In June 2010, she was sentenced to three years’ imprisonment.
The FSA says nine of the counts relate to mortgage fraud. In March, the regulator issued a warning notice to Choudhary which set out its intended prohibition order.
In April, Choudhary wrote to the FSA disputing the total size of the fraud.
She argued that she was only involved in fraud worth £1.8m, as opposed to the £3.1m stated in the FSA’s notice.
In May, the regulator issued a final notice banning Choudhary from performing any function in relation to any regulated activity.
The regulator says that of the 13 offences Choudhary committed, 12 were carried out while she was authorised by the FSA, between October 31, 2004 and July 8, 2009.