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Mortgage broker banned over false applications

The FSA has banned East London mortgage broker, Tomilola Omolola Ogunmoye, for submitting false and misleading information about her income to four lenders to obtain mortgages for herself.

It says Ogunmoye failed to co-operate with the FSA by refusing to provide a sample of mortgage client files or deal with the investigators.

Ogunmoye operated as a mortgage adviser in Barking, East London and was a director of various companies, including Excel Mortgage Lim- ited, Excel Property Limited and Array Mortgage Solution Limited.

From August to September 2006, she submitted three mortgage applications to three different lenders, declaring various incomes that ranged between £34,136 and £70,857 for 2004, 2005 and 2006.

On April 28, 2008, she submitted a fourth application to another lender which showed her income to be £54,125 in 2005, £54,320 in 2006 and £59,340 in 2007.

According to HMRC records, Ogunmoye declared a gross income of £59 in 2004/05. No income or tax data is held for subsequent years. The FSA says she failed to provide an explanation for the discrepancy.

FSA director of enforcement and financial crime Margaret Cole says: “With help from some lenders, we are continuing to focus our enforcement and intelligence activity on mortgage fraud hot spots around the country, including East London. Our work on mortgage fraud continues as a priority in our campaign against financial crime.”


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