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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.”

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