Broker slapped with £100k fraud fine and banned

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The FSA has banned a mortgage broker and fined him £101,279 for submitting a fraudulent mortgage application and for concealing a fraud conviction when applying to the FSA for approval as a director.

Gabriel Aramide was an FSA approved person and director of Romford-based 1st Point, and has had permissions withdrawn. The regulator said the six figure fine was aimed at deterring mortgage brokers from getting involved in mortgage fraud and at retrieving Aramide's illicit profits. The FSA found that Aramide had obtained individual approval on a false basis by deliberately concealing his previous involvement in fraud and his criminal record and had obtained a £255,000 mortgage for himself through 1st Point which was based on false and misleading information. The regulator also found t...

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