FSA bans mortgage broker for £3m fraud
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The Financial Services Authority has banned Yasmin Choudhary, who worked for London-based Adams Financial Services, from carrying out any regulated activities.
In February 2010, she was convicted at Winchester Crown Court of 13 counts of financial crime, including nine counts of obtaining a money transfer by deception and one count of attempting to dishonestly obtain a money transfer by deception.
The offences of obtaining money transfers by deception and fraud involved the completion and submission of numerous false mortgage applications to various lenders.
She was jailed for three years.
Choudhary’s ban was delayed because she disputed an FSA warning notice in March 2011 which said her individual mortgage fraud amounted to £3.1m.
She said it amounted to £1.8m.
But the FSA has dismissed the claim and says there is no basis not to give the Decision Notice and proceed to make the prohibition order against her.
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