FSA bans West London mortgage broker

The Financial Services Authority has banned mortgage broker Andrew Emelife for knowingly submitting fraudulent mortgage application to lenders.

Emelife also commissioned an accountant to provide false accountants statements for himself and at least one customer to commit mortgage fraud.

Trading as Loans4Assets.com in Shepherd’s Bush, West London, Emelife submitted three mortgage applications - one for himself, one for his business, and one for a customer - all of which contained inflated income figures.

In a mortgage application that Emelife submitted for himself, the annual income of £188,000 that he declared to the lender was 1200% higher than the £15,000 he declared for tax purposes.

The FSA concluded that Emelife lacked honesty and integrity and should be prevented from working in regulated financial services.

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