From 2002 to 2007, Grace Nmadibechi Ada Ukala, director of South East London brokerage Goldsparkle Consulting Services, submitted five mortgage applications for herself, supported by false and misleading income and employment information.

Ukala’s earnings, as stated in the mortgage applications, were considerably higher than the income she declared to Her Majesty’s Revenue and Customs (HMRC).

In one mortgage application, she certified her total annual income as £56,100, although Goldsparkle had made a trading loss of £44,124. In another application in December 2005, Ukala listed £92,450 as her earnings.

However, only earnings of £7547.39 for the tax year 2006 were declared to HMRC. The broker stated that her earnings were £77,410 in 2002, £80,726 in 2003 and £84,359 in 2004.

However, according to HMRC records, earnings of £19,877.23 were recorded for the tax year 2003, no earnings were recorded for 2004 and £7323.86 was recorded for 2005.

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The regulator also found that Ukala used funds belonging to Goldsparkle to meet her personal monthly mortgage repayments.

Margaret Cole, director of enforcement at the FSA, said the £70,000 fine – which would have been £100,000 had Ukala not settled early – was aimed at deterring approved persons from getting involved in mortgage fraud.

Cole added that Ukala acted in ‘totally unacceptable fashion’ and posed a serious risk to lenders and consumers by demonstrating a complete lack of integrity.

She commented: “We have banned more than 60 mortgage brokers over the last three years, and we will continue to ban such people to reinforce the message that knowingly giving false and misleading information is dishonest and poses a serious risk to prospective lenders.”