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FSA bans fraudulent mortgage broker

Published on 4 Feb 2010 under category: legal

A mortgage intermediary has been banned for making fraudulent applications to mortgage lenders.

The Financial Services Authority (FSA) has prohibited Andrew Emelife from working in the industry after he submitted three applications with hugely inflated income figures.

Mr Emelife traded in west London under the company name,Loans4Assets.com.

The three applications were for himself, his business and a customer. In the first, the annual income of £188,000 that he declared to the lender was 1,200 per cent higher than the £15,000 has declared for tax purposes.

Margaret Cole, the director of enforcement and financial crime at the FSA, said: "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."

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