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.
Her Majesty’s Revenue and Customs’ records of Thomas’ earnings, as declared for tax purposes, were substantially less than the amounts that he declared to lenders.
Despite claiming his income was genuine, with some coming from overseas investments and schemes, Thomas failed to satisfy the FSA that the evidence of this additional income was reliable.
Regardless, when he applied for the various loans, he did not provide the lenders with any indication that his income came from anywhere other than his mortgage business and from within the UK.
The regulator concluded that Thomas lacks honesty and integrity and is not fit to work in regulated financial services. It also took into account he had also made a fraudulent mortgage application for his wife and two joint mortgage applications where the incomes declared to lenders were also shown to be misleading.
Margaret Cole, FSA director of enforcement and financial crime, said: “The FSA is determined to remove from the sector any approved persons found to be making fraudulent applications.