FSA bans another East London mortgage broker

The Financial Services Authority (FSA) has banned Barking-based mortgage broker, Tomilola Omolola Ogunmoye for knowingly submitting false and misleading information about her income to four lenders to obtain mortgages for herself.

As well as submitting fraudulent mortgage applications, Ogunmoye failed to co-operate with the FSA by refusing to provide a sample of mortgage client files or deal with the investigators. Ogunmoye operated as a mortgage adviser in Barking, East London and was a director of various companies, such as Excel Mortgage Limited, Excel Property Limited and Array Mortgage Solution Limited.

 Press Release   Final Notice

Margaret Cole, FSA director of enforcement and financial crime, said:

“With help from some lenders, we are continuing to focus our enforcement and intelligence activity on mortgage fraud hot spots around the country, including East London.

“Our work on mortgage fraud continues as a priority in our campaign against financial crime. We have banned nearly 70 mortgage brokers over the last three years and we will continue to name and shame mortgage brokers that knowingly giving false and misleading information to prospective lenders.”

FSA bans Essex mortgage broker for fraud

The Financial Services Authority (FSA) has banned Essex mortgage broker Daniel Esqulant for submitting four mortgage applications for himself and one for a close relative all supported by false and misleading income information.

The earnings of Esqulant and his relative, as stated in the mortgage applications, were much higher than their income as declared to HM Revenue and Customs (HMRC). For his mortgages he stated that his income ranged from £210,723 in 2004 to £338,750 in 2006 and £301,920 in 2008 while HMRC records showed an income range from £75,702 in 2004 to £61,198 in 2006 and £55,786 in 2007.

The mortgage application for his relative stated that she was the self-employed proprietor of a pub with an income of £138,500 in 2007 while according to HMRC records her income for the 2006/07 tax year was £8,000.
__________________________________________________________________________________

Additional Materials

• Press Release
• Final Notice

__________________________________________________________________________________

Margaret Cole, FSA director of enforcement, said:

“Esqulant’s explanation about the income on the mortgage applications stretched credibility and wasunacceptable.Our crackdown on mortgage fraud continues as a priority in our campaign against financial crime. We havebanned more than 60 mortgage brokers over the last three years and we will continue to bansuch peopleto get acrossthe message thatgiving false and misleading information to prospective lenders is dishonest.”

FSA bans Walthamstow broker for fraud

In the following press release The Financial Services Authority (FSA) has banned Walthamstow-based mortgage adviser Ashfaq Ahmed for submitting mortgage applications on his own behalf that were based on false and misleading information about his income.

Jonathan Phelan, head of retail enforcement at the FSA, said:

“Mr Ahmed’s actions were blatant and posed a serious risk to lenders. Our crackdown on mortgage fraud is gathering pace – we have banned around 30 mortgage brokers over the last two years, and we will continue to ban people who commit mortgage fraud, in order to stamp out this behaviour.”

The FSA found that Mr Ahmed submitted two mortgage applications containing false information about his income from his firm, Eastside Mortgages. On his various mortgage applications he declared self-employed annual income from Eastside of approximately £50,000 between 2003 and 2007, but he declared negligible amounts of income to Her Majesty’s Revenue and Customers over the same period.

Mr Ahmed became an authorised person on 31 October 2004 and was the only mortgage adviser at Eastside Mortgages. Between 31 October 2004 and 10 September 2008, he operated as a sole trader mortgage intermediary in Walthamstow and also traded under the trading name Dockside Mortgages.

1. The Final Notice for Ashfaq Ahmed includes the background to the case.