FSA bans jailed mortgage broker over £785,000 fraud – The Financial Services Authority has banned former mortgage broker Rashid Farid who was jailed for 11 years in April 09 after being convicted of dishonesty and two counts of financial crime. Farid operated as sole trader of Lifestyle Mortgages (Kirklees) and was authorised between 31 October 2004 and 25 October 2007. The former broker was convicted at Bradford Crown Court on 31 March 2009 after being found guilty of making fraudulent claims. In a final notice statement, a spokesperson for the regulator said: “You submitted a number of false mortgage applications through Lifestyle Mortgages in 2007 to a lender, using genuine details but without the owners’ knowledge, or after fraudulently altering the details of owners held by the Land Registry. “As a result of your actions, the lender suffered substantial financial losses of £787,050.” The regulator said the custodial sentence handed by the court to Farid emphasised the seriousness of the offences, adding the convictions impugned his “honesty, integrity and reputation”. The convictions demonstrated Farid was not a “fit and proper person”, the spokesperson said, making him a risk to consumers, the financial system and the FSA’s statutory objective to reducing financial crime.

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read more – http://www.yorkshireeveningpost.co.uk/news/Batley-mortgage-broker39s-1m-property.5156666.jp
read more – http://www.cps.gov.uk/west_yorkshire/news_events/press_releases/dewsbury_based_fraudster_convicted_of_million_pound_mortgage_scam/