A mortgage broker has been banned and fined £100,000 by the FSA for fraudulent activities.
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 mortgage application claimed profits were over £85,000.
He also submitted an application for one of his own employees that overstated their earnings.
Margret Cole, head of enforcement at the FSA, comments: “Mr Fawole’s actions were serious and blatant, and he poses an immediate risk to lenders.
“We have banned a number of mortgage brokers and others this year in connection with mortgage fraud and we will continue to make examples of people who commit mortgage fraud until behaviour changes.”
Fawole is the 17th mortgage broker to be banned this year, and more are expected in the coming months as the regulator continues to crack down on the problem of fraud.
If you would like to comment on this story, contact:
Tel: 020 7484 9805
e-mail: [email protected]
Data quality is key
Granted leave to appeal the judgement