Kingsbury mortgage broker fined and booted out of the industry
Financial Services Authority order dodgy dealer to pay �250,000
A mortgage broker has been fined �250,000 and banned from working in the industry for carrying out fraudulent practises.
Selvavinayakam Vigneswaran owner of Future Finance Limited in Fryent Way, Kingsbury, was handed down the second highest ever financial penalty for a mortgage dealer by The Financial Services Authority (FSA).
The FSA launched an investigation into Vigneswaran’s dealings following a tip-off from a lender who had removed him from their list of brokers.
The lender claimed the was submitting mortgage application with false information to another lender.
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The FSA probe discovered that Vigneswaran had carried out a string of dodgy practices by submitting three mortgage applications in his parents’ names containing false information about their income and employment.
The applications were supported by fake payslips.
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He also made four mortgage applications in his own name that contained false information about his own earnings, and regularly submitted falsified information to lenders on behalf of his clients.
The FSA also uncovered that having been struck off by one lenders Vigneswaran fraudulently set up a new firm using his father’s name called Cherry Finance Ltd.
When the FSA spoke to his father, who is retired and does not speak English, he was unaware that a company had been set up in his name.
Tom Spender, the FSA’s head of retail enforcement, said: “Vigneswaran committed a catalogue of breaches – even going as far as stealing his father’s identity – to dupe lenders into giving his customers larger mortgages than they could afford.
“He did not meet the high standards we expect of individuals working within the mortgage market and that means, inherently, they both posed a risk to consumers and lenders.”