Adviser banned for £1.3m mortgage fraud

Gareth Flanagan, formerly the sole owner and director of GMF Marketing Services, has also had his approval to perform controlled functions withdrawn. The FSA said his actions misled lenders regarding his income, residence, employment status and proposed use of funds. Between December 2005 and November 2007, Flanagan submitted nine mortgage applications to lenders in his own name in respect of five properties. Five of the mortgage applications were completed and the mortgage funds obtained amounted to £1,325,722. The other four applications did not proceed to completion. The FSA ...