Dele MacAulay has been fined £115,157 for knowingly submitting nine fraudulent mortgage applications for himself, his wife, and his brother.
MacAulay, trading as Dele MacAulay Financial Services, has now been banned from working in regulated financial services. He has also been sentenced to 21-months in prison for his activities.
The FSA’s investigation showed that MacAulay processed nine fraudulent mortgage applications with false income and employment information. Five were residential mortgages for himself, two were residential mortgages for his wife, and two residential mortgages for his brother.
MacAulay also submitted false tax information to the FSA in his retail mediation activities return.
FSA director of enforcement and financial crime Margaret Cole says: “MacAulay abused his position as a mortgage broker for personal gain, but he was caught and has paid a heavy price. This fine and ban reflect the seriousness of his failings as well as the FSA’s attitude to those who abuse their approved status.
“This case is also a good example of the benefits of a collaborative approach with the police. Between us we have dealt with MacAulay decisively and justice has been done.”
The FSA’s investigation was conducted alongside a criminal investigation by Hertfordshire Constabulary also looking into mortgage fraud committed by MacAulay.