Broker fined for submitting 42 fraudulent cases

The Financial Services Authority has fined mortgage broker Gary Lester £103,000 for knowingly submitting 42 fraudulent mortgage applications to lenders.

The applications contained false and misleading income information for customers. Lester also committed fraud to obtain a mortgage for himself.

The FSA has banned Lester from working in the regulated financial services industry for failing to act as a fit and proper person, and lacking honesty and integrity.

Trading as Lifestyle Mortgages Limited (Lifestyle), in Edgware, north London, Lester significantly inflated his income to obtain a mortgage for himself in November 2006.

During its investigation the regulator found that 42 of the 48 applications it reviewed were based on fraudulent information, and of those 14 were found to have no supporting tax records.

Two other Lifestyle mortgage advisers, Julie Hutcheson and Martin Winer, were also banned from working in financial services.