FSA bankrupts fraudulent broker

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The FSA has secured, for the first time, a bankruptcy order against a former mortgage broker for non-payment of a £129,000 penalty relating to fraud.

The case relates to former East London-based mortgage broker Sadia Nasir and represents the first time the FSA has taken bankruptcy proceedings to an unpaid financial penalty levied on an approved person. A trustee in bankruptcy will now be appointed as manager of Nasir's estate with a view to realising her assets sufficient to pay the debt of £129,000 to the FSA. The financial penalty was levied in July 2008. She made no serious attempt to pay the penalty before the FSA began bankruptcy proceedings. Margaret Cole, director of enforcement at the FSA, says: "In the last three years ...

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