Broker banned and fined £100k

Omatoyo Fawole, from Woolwich-based Oasis Mortgage and Financial Services Limited, was found to be submitting false mortgage applications as part of an FSA investigation. Fawole was an FSA approved person and sole controller of Oasis and the FSA says it has levied the six-figure fine to discourage approved persons from taking part in fraud. During its investigation, the regulator found Fawole had obtained a mortgage after submitting an applications which overstated the profits of Oasis and his own income. Tax returns for Oasis showed a net profit of £1,668 in April 2006, while the mortga...