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FSA fines broker £100,000 for false submissions

The FSA has banned a London mortgage broker and fined him £100,000 after he was knowingly involved in submitting false mortgage applications.

Abiola Agbalaya was sole controller of Herald Finance Ltd. The FSA says he supervised and submitted false mortgage applications.

Grace Olatunji, who worked as a mortgage consultant for Herald, has also been banned for submitting mortgage applications based on false income information.

The FSA found that Agbalaya obtained several mortgages after submitting mortgage applications that significantly overstated the profits of Herald and his own income.

He also supervised the submission of two mortgage applications for Olatunji which significantly overstated her income.

The FSA has cancelled the permission of Herald Finance.

FSA director of enforcement Margaret Cole says: “The actions of Mr Agbalaya and Ms Olatunji were serious and blatant, and posed an immediate risk to lenders. As part of our crackdown on mortgage fraud, we have banned more than 30 brokers in the last two years and have levied a number of large fines. Perpetrators of fraud will increasingly find themselves facing bans and significant fines as we continue our work in this area.”

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