This six figure fine is aimed at deterring approved persons from becoming involved in mortgage fraud. The fine is as a result of Mr Agbalaya’s supervision of, and knowing involvement in, the submission of false mortgage applications.
Grace Olatunji, who worked as a mortgage consultant for Herald, has also been banned for submitting mortgage applications based on false income information.
The FSA found that Mr Agbalaya:
* Obtained several mortgages after submitting mortgage applications, which significantly overstated profits of Herald and his own income; and
* Supervised the submission of two mortgage applications for Ms Olatunji which significantly overstated her income.
Margaret Cole, director of enforcement FSA, said: "The actions of Mr Agbalaya and Ms Olatunji were serious and blatant, and posed an immediate risk to lenders. As part of our crackdown on mortgage fraud, we have banned more than 30 brokers in the last two years and have levied a number of large fines.
"Perpetrators of fraud will increasingly find themselves facing bans and significant fines as we continue our work in this area."
The FSA has also cancelled the permission of Herald Finance.
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