The FSA has banned East London based mortgage broker, Ayodele Olubunmi Thomas, for knowingly submitting false and misleading information about his income to obtain mortgages and loan advances.
HMRC records for Thomas' earnings, as declared for tax purposes, were found to be substantially less than the amounts supplied to lenders.
Despite claiming his income was genuine, with some coming from overseas investments and schemes, the FSA did not believe the evidence of Thomas' additional income was reliable.
Thomas, who is director of Atom Associates, also submitted a fraudulent mortgage application for his wife and two joint mortgage applications where the incomes declared to lenders were also shown to be misleading.
The FSA concluded Thomas lacked "honesty and integrity", declaring him unfit to work in regulated financial services.
Margaret Cole, director of enforcement and financial crime at the FSA, says: "In his loan applications, he decided to rely on irregular and unaccountable income from overseas. It was plain to see that he had misled the lenders about the sources and amount of his income."
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