Mortgage broker banned by FSA for £1.5 million fraud

FSA has Banned a Mortgage Broker for Fraud

FSA has Banned a Mortgage Broker for Fraud

The Financial Services Authority (FSA) has banned a mortgage broker from conducting any regulated activities in the UK for withdrawing nearly £1.5 million in an unauthorized manner.

In a notice, the FSA said Rienzie Silva had acted in a manner unsuitable to his profession when he transferred client money to another account to use it later.

In July, Silva along with another accused was ordered by the high court to return the claimants’ £1,459,443 plus interest and another £265,000 in fees and costs. However, till date only £ 49,486 have been returned.

Castigating Silva for his lack of honesty and integrity, the FSA notice says: “Your misconduct goes directly to impugn your honesty, integrity and reputation and therefore demonstrates that you are not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm”.

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