FSA says east London is a hotbed of fraud as it bans another broker

26 October 2009 | By Natalie Thomas

The Financial Services Authority has highlighted east London as a mortgage fraud hotspot after banning a second broker operating in the area in the space of two weeks.

Last week the regulator banned Barking-based Tomilola Omolola Ogunmoye for knowingly submitting false and misleading information about her income to four lenders in order to obtain mortgages for herself.

As well as submitting fraudulent applications Ogunmoye failed to co-operate with the FSA by refusing to provide sample client files or deal with investigators.

Ogunmoye was a director of several companies including Excel Mortgage Limited, Excel Property Limited and Array Mortgage Solution Limited.

Ayodele Olubunmi Thomas, director of east London-based Atom Associates, was also banned in the past fortnight.

The regulator highlighted the severity of mortgage fraud in its Mortgage Market Review, published last week.

It says financial crime in the mortgage market is now a major issue and that recent research by the Association of Chief Police Officers, led by the City of London Police, indicates extensive organised crime involvement in property and mortgage fraud.

It says even a small percentage reduction in such fraud could bring significant financial benefits.

Margaret Cole, director of enforcement and financial crime at the FSA, says: “With help from some lenders we are continuing to focus our enforcement and intelligence activities on mortgage fraud hotspots around the country, including east London.

“Our work on mortgage fraud continues to be a priority in our campaign against financial crime. We have banned nearly 70 brokers in the past three years and will continue to name and shame those who give false and misleading information to lenders.”

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