FSA bans broker for £8m mortgage fraud

FSA bans broker for £8m mortgage fraud




The FSA has banned a mortgage broker from performing any function related to any regulated activity following a conviction for his part in an £8 million mortgage fraud involving.

The FSA has banned a mortgage broker from performing any function related to any regulated activity following a conviction for his part in an £8 million mortgage fraud involving a “gambler for the stars”.

Tony Sanham was sentenced to four-and-a-half years’ imprisonment for his part in arranging 43 fraudulent mortgages worth more than £8 million.

The conviction was part of a wider SOCA investigation which involved Warren Dunton, who placed bets for “high-profile sports figures” in order to cream off either part of the stake money or give less favourable odds to pocket the extra winnings.

B&C previously reported
how Premier League footballer Matthew Etherington of Stoke City had staked up to £800,000 with Mr Dunton over a two-year period.

Mr Dunton fraudulently obtained three mortgages, in 1999, 2002 and 2007, via Mr Sanham by declaring false income and employment details.

Mr Dunton was sentenced to 18 months in prison.

Acting as a broker for the applications and, along with conveyancer Paul Reader, Mr Sanham was involved in providing false payslips, P60s, employment details and conveyancing.

Mr Reader also had fraudulent mortgages applications facilitated by Mr Sanham.

Mr Reader was sentenced to six years in prison for his role in the fraud and is prohibited from being employed by a solicitors’ firm.

The FSA concluded in its final notice that Mr Sanham is not a fit and proper person to perform any functions as his conduct demonstrates a "lack of honesty and integrity".

Specifically, the FSA said Mr Sanham was convicted of one count of conspiracy to defraud and one count of dishonestly making a false representation to make a gain for himself, cause loss to another or expose another to risk.

The investigation was in partnership with the FSA and Essex Police.

SOCA’s Brendan Foreman said: “Warren Dunton and a network of facilitators deliberately abused the system for their own gain. Despite these custodial sentences SOCA will continue its investigations until the illicit profits gained from this criminal activity have been recovered”.

Financial Services Authority’s Head of Financial Crime and Intelligence Bob Ferguson said: "This is a good example of agencies working together to get justice done, and of the benefits that come from sharing intelligence. The FSA Intelligence Team worked closely with SOCA in the early stages of this investigation to help ensure a successful conclusion. This is not the first time and certainly will not be the last time that the FSA helps law enforcement."

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