FSA bans Essex mortgage broker for fraud
13th July 2009The Financial Services Authority (FSA) has banned Essex mortgage broker Daniel Esqulant for submitting four mortgage applications for himself and one for a close relative all supported by false and misleading income information.
The earnings of Esqulant and his relative, as stated in the mortgage applications, were much higher than their income as declared to HM Revenue and Customs (HMRC). For his mortgages he stated that his income ranged from GBP210,723 in 2004 to GBP338,750 in 2006 and GBP301,920 in 2008 while HMRC records showed an income range from GBP75,702 in 2004 to GBP61,198 in 2006 and GBP55,786 in 2007.
The mortgage application for his relative stated that she was the self-employed proprietor of a pub with an income of GBP138,500 in 2007 while according to HMRC records her income for the 2006/07 tax year was GBP8,000.
Margaret Cole, FSA director of enforcement, said:
"Esqulant's explanation about the income on the mortgage applications stretched credibility and was unacceptable. Our crackdown on mortgage fraud continues as a priority in our campaign against financial crime. We have banned more than 60 mortgage brokers over the last three years and we will continue to ban such people to get across the message that giving false and misleading information to prospective lenders is dishonest."
