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Mortgage broker banned for fraud

The FSA has banned Plaistow-based mortgage broker John Akinduro, trading as Highflyer Business Services, for submitting false mortgage applications to lenders.

The FSA has found that Akinduro submitted mortgage applications in the names of two individuals without their knowledge or consent. He also submitted certified documents as true copies when he had not seen the originals and the documents were in fact false.

The regulator says Akinduro did not notify it that he was the subject of bankruptcy proceedings and that subsequently two bankruptcy orders had been made against him. He also failed to disclose to the FSA the existence of five unsatisfied County Court judgments which had been registered against him.

FSA head of retail enforcement Jonathan Phelan says: “Mr Akinduro’s business was used to commit mortgage fraud and his actions posed a risk to lenders. We have banned a number of mortgage brokers this year as part of our intensified crack down on mortgage fraud which involves us working alongside other authorities such as the police, and acting on information received from lenders and whistleblowers.”

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