FSA Fines fraud broker £100k
Losses & Lawsuits
London - The Financial Services Authority (FSA) has banned and fined a mortgage broker £100,000 for submitting false mortgage applications. Richard Kennedy of London-based Dynamic Mortgage Brokers was handed the penalty in addition to having to pay back £1,106 of illicit profit as a result of the falsified applications. Kennedy obtained his own mortgage and those of four other customers using false and misleading information about earnings and employment. The regulator also banned another London mortgage broker, Moses Luzinda at Remos brokers, in an unrelated case for submitting false applications.
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