FSA bans another broker for mortgage fraud

21 October 2009 | By Natalie Thomas

The Financial Services Authority has banned Barking-based mortgage broker, Tomilola Omolola Ogunmoye for knowingly submitting false and misleading information about her income to four lenders to obtain mortgages for herself.

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

Ogunmoye operated as a mortgage adviser in Barking, East London and was a director of various companies, such as Excel Mortgage Limited, Excel Property Limited and Array Mortgage Solution Limited.

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

“Our work on mortgage fraud continues as a priority in our campaign against financial crime. We have banned nearly 70 mortgage brokers over the last three years and we will continue to name and shame mortgage brokers that knowingly giving false and misleading information to prospective lenders.”

Readers' comments (16)

Anonymous | 21 Oct 2009 11:53 am
How about a few bankers being named and shamed as well?

What about the BDM's of lenders that were telling brokers (wink wink) "we don't need any proof of income if you know what I mean!"

It's good that bad brokers are being found out but it seems that the FSA is concentrating on those that were told that they could do this rather than the banks who are being bailed out of the mess that they have created.
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Enrico Tedesco | 21 Oct 2009 12:06 pm
The FSA vigorously (and quite rightly) continues its crack down on rogue or non compliant brokers/advisers. The fines, penalties and closures have been well documented in the industry magazines with MS maintaining its position as industry leader.
Both should be praised for the above activity.
Interesting that time and again its the coal facing broker/adviser which is the focus of the FSAs activity with very little being reported on:
1) Lenders which designed, launched and profited from self cert mortgages who's sales force actively encouraged top end income figures in order to obtain the desired mortgage advance.
2) Replace self cert above with 100 - 125% loans.
3) Insert sub prime for self cert above.
etc etc

Why are Lenders (who were active in above markets)not investigated with the same level of tenacity. Perhaps i missed this coverage
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Anonymous | 21 Oct 2009 12:23 pm
This is crazy - yes if a broker knowingly dodges his/her own income to benefit fair enough ssack them but i totally agree with the last comment - stop picking on easy targets. Ive been doing this job for 20 years now and lately all i can think is the client telling me the truth ???? because if not im screwed
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Anonymous | 21 Oct 2009 12:48 pm
It looks to me like the FSA continues to act as bullies and picks on the little people. They do not appear to have the guts to go for the really guilty parties i.e. the mortgage lenders and particulalrly the banks.

One gets sickened how in the UK of 2009 this type of bully boy tactics by those allegedly in authority boss around the rest of us. Other examples could be local councils attitude regarding waste bins and the police attitude to the public in general.
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Anonymous | 21 Oct 2009 1:40 pm
As per earlier comments, I agree that ANYONE who knowingly falsifies a loan application should be banned and prosecuted. But only today again in the news is it announced that the Bankers are again dipping theire noses into Bonus bowl, because of profits they are mak eing.
Of course they are making profits, because WE the general public have taken on all of the debts that they incurred over the years, and funded them to the tune of Trillions of pounds and absorbed all of the Toxic debts that paid the big bonus's in the past.
Where was the FSA then, what are they doing now with the Banks regarding the irresponcible lending carried out.
and because of the clout that the Banks have with them,they have now decided that PPI is OK, and we all know who were the biggest offenders in misselling it originally.
Shut down the FSA and let these moguls go out into the real world and see if they are able to actually contribute something worthwhile for once in theire lifes.
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Anonymous | 21 Oct 2009 2:35 pm
Years ago and several times, I interviewed clients who could clearly not afford a mortgage above a specific amount, only to follow them up and find that a branch of a lender had managed to "slip things through" on fast track on falsified income details, because of the LTV, brokers seem to be the sole focus of the FSA in respect of fraud.
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Anonymous | 21 Oct 2009 3:25 pm
Do the FSA ever mention if these rogue brokers were directly authorised or working via a network? If they were DA then surely the FSAs own vetting procedure should be investigated when clearly such unsavoury characters have been allowed to operate in our once proud and respected financial industry. Especially following the recent review stating all brokers will be accountable to the FSA! Getting lenders to tip the FSA off about rogue brokers is all well and good, how does a broker go about tipping the FSA off about specific rogue lenders tactics (see Enricos statement above)How about me finding a pile of old lending "criteria" from all the usual sub prime suspects plus a few from the high street for good measure which if presented to the media or the FSA would show exactly what these lenders have been up to all under the nose of the FSA since 2004! The fact that they proudly announce the banning of the odd broker here and there hardly doesnt impress me much!
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David Clegg | 21 Oct 2009 3:40 pm
'unsuitable/offensive - report this comment', are we talking about the FSA ??

those self employed clients of mine who have obtained mortgages under self cert to best of my knowledge have never defaulted. they work and are a better risk then employees.
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Anonymous | 21 Oct 2009 4:44 pm
I have over the years turned customers away if they couldnt afford the mortgage. Many a time I used to call them again and they usually call and say 'a broker done the deal for me' - I was shocked.
FACT: Lenders were pushing self cert to brokers - heavily.
FACT: Almost all of my self employed clients I did self cert for are still keeping up repayments and enjoying low SVR rates. Its the employed clients that have lost jobs and cancelling protection.
FACT: There will always be one bad apple in a bunch, and the dodgy Nigerian names get pulled up first!

I would rather walk away from a self cert and walk into a ban or six figure fine - its not worth it.
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peter sowerby | 21 Oct 2009 8:41 pm
The FSA boast about banning 70 brokers, well I must say that those 70 have done nothing to ruin the country. It's a pity the same can't be said of the lenders who were "regulated" by the FSA. Probably just an old boys club, few nods and winks, funny hand shakes etc.
If the FSA had done their job we'd never have got in this mess. So trumpetting about 70 rough brokers is a bit rich. And who much has that cost per broker in fees? Not much of a return for all the fees paid to FSA.
Still on a bright note the FSA's days are hopefully numbered and we can effectively say that they'll go before self cert mortgages do. Can't think there will be many who'll miss them. Yes I'm anonymous because I don't trust FSA as far as I can throw them.
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