FSA say local businessman submitted false applications
The Financial Services Authority (FSA) has banned a Shepherd's Bush mortgage broker for knowingly submitting mortgage applications to lenders that contained false and misleading income information.
Andrew Emelife, who traded under the Loans4Assets.com name, also commissioned an accountant to provide false account statements for himself and at least one customer to commit mortgage fraud, the FSA said.
He submitted three mortgage applications – one for himself, one for his business, and one for a customer – all of which contained inflated income figures.
In a mortgage application that Emelife submitted for himself, the annual income of £188,000 that he declared to the lender was 1200% higher than the £15,000 he declared for tax purposes.
The FSA concluded that Emelife lacked honesty and integrity and should be prevented from working in regulated financial services.
Margaret Cole, director of enforcement and financial crime at the FSA, said: “This prohibition, along with our previous and ongoing work, will make the mortgage market a safer place. Emelife acted in a wholly unacceptable manner and deserves to be banned from the industry.
“In the last three years we have banned 78 mortgage brokers and we will continue to remove the bad apples from the market to ensure that lending is based on reliable personal and financial information.”
7 February 2010