FSA bans four more brokers for mortgage fraud

Published by Mortgage Strategy
on Tuesday, 19 Apr 2011 by Natalie Thomas

The below article depicts clearly that one looking for mortgage need be open and honest and also should not allow for filing false details on his/her behalf. The consequences could be severe.


The Financial Services Authority has banned four mortgage intermediaries and imposed fines totaling £450,000 for knowingly using misleading and inaccurate information to secure mortgages.

Joseph Chinedu Nwosu, the founder, sole shareholder and sole director of Gemmini Mortgages Ltd, was fined £200,000 and banned from working in financial services for attempting 14 cases of mortgage fraud over a period of 26 months.

Nwosu obtained five regulated residential mortgages and one unregulated buy-to-let mortgage using inaccurate and misleading personal information. The financial penalty imposed on Nwosu is one of the largest to be imposed on an individual for such misconduct.

Gemmini’s permission to …

Tags: financial services, fines, fraud, fsa, honest, inaccurate, misleading, mortgage, penalty, residential mortgage

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