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Fsa Finding It's Teeth?

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http://www.ifaonline.co.uk/public/showPage...PageName=458961

Mortgage broker who faked applications banned

Monday 23rd July 2007: 16:36By Scott SinclairA mortgage broker found guilty of submitting false mortgage applications has been told he can no longer work in financial services.

The FSA has banned John Adebayo Adepoju, who had been trading as Landmark Finance, “because of his direct involvement in the submission of at least one false mortgage application”.

The regulator was aware of Adepoju’s discrepancies in April, and stopped him from trading, following concerns from three lenders that had received applications from him.

However, after Adepoju failed to appeal the decision by last week’s deadline, the regulator made the ban indefinite.

Jonathan Phelan, head of retail enforcement at the FSA, says: “Mortgage brokers absolutely must not submit or assist in the submission of mortgage applications containing false information.

“The FSA will actively pursue serious allegations that mortgage brokers are directly involved in submitting even one mortgage application which they know to be false.

“Mr Adepoju was deemed by the FSA not to be fit and proper in terms of his honesty and integrity, and we have taken this action to make sure that he cannot work in the regulated financial services industry.”

The FSA says Adepoju, in his capacity as the mortgage broker, “knowingly submitted false financial statements to a mortgage lender for at least one mortgage application”.

In addition, it points out those false accounts had been prepared by an accountancy firm called John Rich & Co, where Adepoju is the accountant.

The regulator says the key reasons for the FSA's action against Adepoju include his: failure to act with honesty and integrity and failure to demonstrate an ability and willingness to comply with legal and professional obligations; and failure to demonstrate an ability and willingness to comply with FSA requirements and requests.

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http://www.ifaonline.co.uk/public/showPage...PageName=458961

Mortgage broker who faked applications banned

Monday 23rd July 2007: 16:36By Scott SinclairA mortgage broker found guilty of submitting false mortgage applications has been told he can no longer work in financial services.

The FSA has banned John Adebayo Adepoju, who had been trading as Landmark Finance, “because of his direct involvement in the submission of at least one false mortgage application”.

The regulator was aware of Adepoju’s discrepancies in April, and stopped him from trading, following concerns from three lenders that had received applications from him.

However, after Adepoju failed to appeal the decision by last week’s deadline, the regulator made the ban indefinite.

Jonathan Phelan, head of retail enforcement at the FSA, says: “Mortgage brokers absolutely must not submit or assist in the submission of mortgage applications containing false information.

“The FSA will actively pursue serious allegations that mortgage brokers are directly involved in submitting even one mortgage application which they know to be false.

“Mr Adepoju was deemed by the FSA not to be fit and proper in terms of his honesty and integrity, and we have taken this action to make sure that he cannot work in the regulated financial services industry.”

The FSA says Adepoju, in his capacity as the mortgage broker, “knowingly submitted false financial statements to a mortgage lender for at least one mortgage application”.

In addition, it points out those false accounts had been prepared by an accountancy firm called John Rich & Co, where Adepoju is the accountant.

The regulator says the key reasons for the FSA's action against Adepoju include his: failure to act with honesty and integrity and failure to demonstrate an ability and willingness to comply with legal and professional obligations; and failure to demonstrate an ability and willingness to comply with FSA requirements and requests.

One down. Many thousands to go... :huh:

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One down. Many thousands to go... :huh:

adepoju

To quote from the classic Not the Nine O'clock News Constable Savage sketch "would Mr Adepoju be a coloured gentleman Constable Savage?" " Well I can't say I've ever noticed Sir!". Perhaps a Nigerian failed asylum seeker who found gainful employment as a fraudster in the UK ?

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adepoju

To quote from the classic Not the Nine O'clock News Constable Savage sketch "would Mr Adepoju be a coloured gentleman Constable Savage?" " Well I can't say I've ever noticed Sir!". Perhaps a Nigerian failed asylum seeker who found gainful employment as a fraudster in the UK ?

I'm sad to admit that there is a lot of this about. Their primary prey are "their own" ie West Africans fresh off the boat, gullible and ripe for exploitation by a familiar face.

Crime, fraud and corruption are endemic - if the proceeds of crime were removed from the economy, it would probably collapse.

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This thread is bound to get the attention of Eric soon.

Que Large and coloured fonts

Too right!!! And - as Sherwick says above - One down. Many thousands to go...

It's pathetic. They've done this as a token gesture - when, in today's world with computerisation etc. it would be relatively simple to just go through hundreds of thousands of mortgage applications to check them out: And if they did that, they would see for sure how endemic mortgage fraud is. Of course, they're absolutely NOT going to do that - it would be asking too much of them. In fact - there should be an independent body that either forces the FSA to do this - or moves in and does it itself. Dream on.

But - I hold my line rigidly - the PRINCIPLE driver in HPI over the last decade has been MORTGAGE FRAUD. In the US they just call it something else - "Sub-Prime" - which has been, in effect, fraud. The guys operating the sub-prime schemes have known full well that it has been totally dodgy. But it's just a case of - 'take the money and run'. This is the essence of Mortgage Fraud whether here in the UK, the US, Spain, Oz or anywhere else. These places may have slightly different versions/operating procedures - but it can all be summed up simply as FRAUD, plain and simple - on the grandest scale ever.

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But - I hold my line rigidly - the PRINCIPLE driver in HPI over the last decade has been MORTGAGE FRAUD. In the US they just call it something else - "Sub-Prime" - which has been, in effect, fraud.

The principle driver for HPI has been the availabilty of mortgage credit. Made more available by the following

1- lenders lending 4.25 joint income up from 2.5 joint income

2 - lenders allowing IO with no reapyment vehicle

3 - mortgage fraud. Allowing borrowers with 25% equity state their income with no checking FAST TRACK(Prime) and SELF CERT(Sub prime)

4 - The inability of the FSA to police the industry. This has been going on for 5 years on an unprecedented level, the industry knows it, the regulator knows it.

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I am sure that a lot of the relaxation of lender criteria is down to the fact that the lenders know the brokers were doing it anyway through lies.

Lenders know what is really going on... they even set out criteria so that it is easily open to "abuse". Funny how they have a responsibility under FSA guidelines for responsible lending but then leave little loop holes all over the place... accident hardly, purely by design.

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Maybe people should be taxed on what they put on their mortgage applications if it is more than their P60'S for the year. This was mooted in Australia but govt backed down when their mates in the finance indudtry warned them off. As for the brokers/lenders, they should all be in prison, it is their loose lending scam over the last 10 years that has caused the current bubble.

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I remember last time round that the scam was to fill out 2 applications on the same property with different mortgage companies. There was no checking in those days, (although there is now so don't bother) but I seem to remember that the point of this was to borrow twice as much on the same property so they could afford to "buy" it, rather than scarpering to Venezuala with the money.

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I remember last time round that the scam was to fill out 2 applications on the same property with different mortgage companies. There was no checking in those days, (although there is now so don't bother) but I seem to remember that the point of this was to borrow twice as much on the same property so they could afford to "buy" it, rather than scarpering to Venezuala with the money.

Just imagine where house prices would be now IF the proper authorities had stamped hard on any fraudulent applications - the world would be a very different place..... It is truly shocking how this has all been left for so long.... and STILL nothing much happens....... Truly outrageous...

Edited by eric pebble

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