FSA bans and fines mortgage broker £101,279

Margaret Cole, director of enforcement at the FSA, said:

"Mr Aramide’s actions were blatant and he poses a serious risk to lenders. His concealment of his criminal record showed a lack of honesty and integrity on his part and the FSA will seek to prevent people like him from working in authorised firms.

"As part of our continuing investigation of mortgage fraud facilitated by mortgage brokers, we have banned around 35 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 found that Mr Aramide:

* obtained individual approval on a false basis by deliberately concealing his previous involvement in fraud and his criminal record;

* obtained a £255,000 mortgage for himself through 1st Point which was based on false and misleading information; and

* failed to co-operate with the FSA’s investigation into circumstances suggesting his knowing involvement in mortgage fraud for himself and for a number of 1st Point customers.

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