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Suspended sentence in first case of false application

A former mortgage adviser has been given an 18-week suspended jail sentence for providing false information in an application to become an approved person, the first time that such a prosecution has taken place.

Simon Robert Gray, formerly of Direct Mortgages Consortium, tried to re-register with the FSA in October 2007 using fake documents supposedly from his former network and from a mortgage lender.

Deputy district judge Malins said Gray’s offences involved “sustained dishonesty”, there was “no question that custody was appropriate” and that these were “absolutely disgraceful” offences.

FSA director of permissions, decisions and reporting Graeme Ashley Fenn says: “Mr Gray’s actions were dishonest and a deliberate attempt to undermine the FSA’s approval process. Our action in this case should deter others.”

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