FSA bans East London brokers for involvement in mortgage fraud
23 June 2008
The Financial Services Authority (FSA) has banned three East London brokers for submitting false mortgage applications to lenders backed by false or misleading documents.
The brokers are Muhammad Adnan Ashraf and Muhammad Asim Iqbal, directors of OCS Property and Financial Services Limited (OCS) of Barking, and Mohammed Atif Mayo, a director of Mac & Mayo Property Services Limited of Forest Gate.
The FSA found that:
- Mr Ashraf submitted a mortgage application in his own name that contained false income details and was supported by a copy of a driving licence, which the DVLA confirmed was not a copy of a driving licence issued by them;
- Mortgage applications submitted by Mr Iqbal to lenders were based on false information - nine sets of applicants’ accounts used in support of customers’ mortgage applications contained identical figures, despite the accounts being for different types of business and apparently being prepared by three different accountants. Mr Iqbal also provided the FSA with false and misleading information about the nature of sales undertaken by OCS and the number of accounts that OCS sent to lenders;
- Mr Mayo submitted to a lender a mortgage application in his own name that contained false information regarding his income and occupation and which was supported by false payslips from a company for which he had never worked. He also submitted to a lender at least one other mortgage application which contained false income details and which was supported by false financial statements. He also failed to notify the FSA that Mac & Mayo had been removed from the panels of at least six mortgage lenders.
The FSA has also cancelled the trading permission of OCS Property and Financial Services Limited and of Mac & Mayo Property Services Limited.