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Mortgage broker fined and sentenced for fraud

Published on 4 Mar 2010 under category: legal

A mortgage broker based in Kent has been fined for making fraudulent applications for himself and members of his family.
 
The Financial Services Authority (FSA) fined Dele MacAulay £115,157 for submitting fabricated details of income and employment in nine instances.
 
Five of the residential mortgage applications were for himself, two were for his wife and two for his brother.
 
He was also found to have given false tax information to the services watchdog in the form that is used to monitor company regulation data.
 
The prison sentence was the result of an ongoing investigation by Hertfordshire Police into Mr MacAulay's mortgage fraud.
 
Margaret Cole, director of enforcement and financial crime at the FSA, said:
"MacAulay abused his position as a mortgage broker for personal gain, but he was caught and has paid a heavy price. This fine and ban reflect the seriousness of his failings as well as the FSA's attitude to those who abuse their approved status.
  
"This case is also a good example of the benefits of a collaborative approach with the police.  Between us we have dealt with MacAulay decisively and justice has been done."

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