View more on these topics

Mortgage broker jailed for fraud after Met alerted to ‘lavish lifestyle’

A fraudulent mortgage broker has been sentenced to two and a half years in prison following an investigation by financial investigators from the Metropolitan Police Service.

Olakunle Okubote of Finchley was jailed on February 24 and forced to repay £23,000 following a five-week trial at Wood Green Crown Court.

The investigation began in 2008 when the London Crime Squad identified that Okubote was living a lavish lifestyle in a million-pound property in Finchley, North London.

As a result, Territorial Policing Payback Unit began a proactive financial investigation into the affairs of the broker, who traded as First Channel.

Okubote was found guilty of helping criminals obtain mortgages by providing them with false documents and information. He also secured cash discounts of between £10,000 and £20,000 on new builds, which he kept, with the knowledge of the conveyancing solicitors.

The lenders and borrowers were unaware of the discounts, however, which resulted in the borrower obtaining a mortgage larger than the purchase price.
Okubote concealed his activities by transferring funds between bank accounts in various names.

Lentune Mortgage Consultancy director Stuart Gregory says: “If there was ever a case study to be used to back the argument for implementing individual registration for brokers, this is it.”


MPs concern over accountability of HMRC

The Treasury sub-committee says it has serious concerns about the accountability and transparency of HM Revenue & Customs. A new report from the sub-committee, Closing the tax gap: HMRC’s record at ensuring tax compliance, warns there are “serious questions” about HMRC’s accountability which need to be answered. It says treating all taxpayers fairly will increase […]

ABI code of conduct will enforce transparency on annuity rates

The Association of British Insurers is preparing to force all its members to publish annuity rates as part of a drive to improve transparency in the market. On Monday this week, the ABI announced changes to its shopping-around code of conduct as part of ongoing efforts to improve consumer outcomes at retirement. The reformed code […]

Ascentric polls focus group for feedback on platform progress

Ascentric has put together a panel of 50 IFA firms for a series of focus groups to gather feedback on its development. The focus groups will consist of between 15 and 20 firms selected from the panel, which represents a cross section of firms that use the platform. IFAs on the panel range in size […]

Two men found guilty in £115m UK Ponzi fraud

Two men have been found guilty of  a £115m Ponzi fraud scheme, according to the BBC. John Anderson and Kenneth Peacock were both found guilty of unlawfully accepting deposits from investors in what is the largest Ponzi fraud scheme in UK history. A third member in the scheme, Kautilya Pruthi, has already admitted seven counts […]

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm