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Leicester-based mortgage broker with five aliases banned from regulated activity

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  • 10/12/2020
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Leicester-based mortgage broker with five aliases banned from regulated activity
A Midlands-based mortgage broker called Shruti Patel, but going by five other names, has been banned from doing regulated business by the financial watchdog, the Financial Conduct Authority.

The 51-year old fraudster, who stole £169,000 in total from a variety of banks and other providers, was disqualified as a director 11 years ago, but through re-offence has been found not to be a ‘fit and proper person’ because she lacks the necessary honesty and integrity to work in regulated financial services.

Sole trader and appointed representative of an undisclosed network Patel was never an approved person and ran a business in Leicester called Mortgage Deals for You and obtained loans and mortgages fraudulently by using the names and data of two of her customers.

The broker plead guilty and was convicted on 16 September 2009 at Leicester Crown Court after committing the offences over a period of around 15 months between 19 December 2004 and 11 April 2006. She was sentenced on 9 November 2009 to 18 months imprisonment and disqualified for 10 years under section two of the Company Directors Disqualification Act 1986 and was the subject of a confiscation order for £13,115.98.

However, under the name of Cindy Brad and as a sole trader, she was shown as an appointed representative of an authorised independent financial adviser, from 22 August 2017 to 24 February 2018.

The broker also used a variety of other names including: Swati Patel, Swatiben M Patel, Churuti Patel and Churuti Brad.

His Honour Judge Hammond said Ms Patel’s offence constituted “a serious breach of trust… It was a systematic fraud, carefully worked out by a professional over a period of time.”

 

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