Jailed mortgage broker banned by FSA

A mortgage adviser has been banned after being convicted of 13 counts of financial crime, the FSA said today.

Yasmin Choudhary, a sole trader operating as Adams Financial Services, was jailed for three years in 2010.

This followed convictions at Winchester Crown Court of nine counts of obtaining a money transfer by deception, one count of attempting to dishonestly obtain a money transfer by deception and three counts of fraud.

The money transfers and fraud involved the submission of numerous false mortgage applications to various lenders, said the FSA.

She committed 12 of these financial crimes whilst authorised by the FSA. Choudhary ceased to be authorised in July 2009.

In April this year, Choudhary disputed the amount of mortgage fraud she committed which the FSA said in its final notice amounted to £3.1m. She also said lenders suffered no losses.

The FSA said in its finding Choudhary presents a risk to consumers, the financial system as well as its statutory objective of reducing financial crime.

"The severity of the risk that you pose to consumers and to confidence in the market generally is such that it is necessary in order to achieve its regulatory objectives for the FSA to make a prohibition order against you in the terms proposed," it said.