The FSA has banned four mortgage intermediaries and imposed fines totalling £450,000 for knowingly using misleading and inaccurate information to secure mortgages.
- Joseph Chinedu Nwosu, sole shareholder and sole director of Gemmini Mortgages Ltd was fined £200,000 and banned from working in financial services for attempting 14 cases of mortgage fraud over 26 months.
- Jagjeet Kaur, a mortgage advisor employed by Gemmini, was banned from working in financial services for knowingly submitting five false and misleading personal mortgage applications.
- Alaba Adewale Adebajo, director of Whitehouse Estate Agents and Financial Services Ltd was banned from working in financial services and fined £150,000 for committing five cases of mortgage fraud and failing to keep sufficient client records.
- Alistair Curren of B-Assured Financial Services Ltd was banned from working in financial services and fined £100,000 for submitting fraudulent mortgage applications, failing to declare income to HMRC and failing to comply with specific FSA requirements.
Alistair Curren referred his case to the Upper Tribunal which upheld the ban and fine against him. The Tribunal's judgment recognised the risk posed by mortgage brokers involved in mortgage fraud and regarded the submission to lending institutions of dishonest mortgage applications as a very serious matter.