The FSA has today banned three mortgage brokers for their involvement in mortgage fraud.
The East London-based brokers submitted false mortgage applications backed by false and misleading documents.
Muhammad Adrian Ashraf and Muhammad Asim Iqbal, both director of OCS Property and Financial Services of Barking, and Mohammed Atif Mayo, director of Mac & Mayo Property Services in Forest Gate, have been banned from conducting regulated business, and the trading permission of their firms has been cancelled.
The FSA’s investigation found Ashraf had submitted a mortgage application in his own name, along with false income details and a driving licence, which the DVLA confirmed they had not issued.
Iqbal sent several applications based on false income information, with nine separate applicants all found to have identical income figures, despite being in different types of business and the accounts supposedly being prepared by three different accountants.
Iqbal was also found to have sent false information to the FSA regarding the sales undertaken by his firm and the number of accounts sent to lenders.
Lastly, Mayo submitted an application in his own name with false income and occupation information, coupled with false payslips from a company he had never worked with. He also submitted one further application with false income details, and failed to notify the regulator that his firm had been removed from the panel of six mortgage lenders.
So far this year, the FSA has banned another six mortgage brokers and one mortgage introducer for submitting false mortgage applications as part of a crackdown on mortgage fraud.
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"Good on the FSA, get these people out of our Industry." Mark Young, Padstone Financial Management LtdIFAonline
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