Michael Joseph James Lewis, has been sentenced to two year in prison by the financial services Watchdog, having pleaded guilty to these matter on 14th June 2013.
Over the course of over 14 months, Lewis, a 65 year-old former mortgage adviser, falsified employment and income details to fraudulently deceive lenders into advancing mortgages.
Lewis had already been banned by the FCA’s predecessor, the Financial Services Authority (FSA) in 2011, picking up a £106,000 fine for mortgage fraud.
The FCA took action when it became clear that Lewis had deliberately ignored his prohibition notice, and continued to advise clients.
Speaking on the decision, Tracey McDermott, FCA director of enforcement and financial crime, said: “Lewis thought that he could ignore our prohibition order, but Lewis thought wrong. This two year jail sentence should serve as a clear signal to anyone who might be tempted to do the same. Where we take the step of banning someone because of the risk they pose to consumers we expect them to comply with that. Where they do not do so they will face the most serious consequences. This fully deserved two year jail sentence shows just how much his arrogance has cost him.”
Lewis had been made bankrupt on 20 April 2012, As a result of his bankruptcy none of the fine imposed on him by the FCA in August 2011 has been paid.
Leave a comment