Banned broker used gambling winnings to inflate mortgage

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A mortgage broker has been banned for including his gambling winnings in his mortgage application in an attempt to secure an inflated deal.

Tooting-based broker Guiliano Chianelli's earnings as stated in his mortgage application were much higher than his income declared to HM Revenue and Customs (HMRC) for the same period, the FSA says. He claimed the income figures were correct because the difference was made up by his winnings from gambling which were not subject to tax. But FSA enforcement director Margaret Cole says Chiannelli's explanation was "not acceptable". Chianelli, who traded as GCM, also failed to co-operate with the FSA by refusing to provide his customers' mortgage files, thereby preventing the FSA from ass...

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