FCA Launches Criminal Case Against Mortgage Advisers

Law360, London (April 22, 2021, 1:50 PM BST) -- The Financial Conduct Authority said on Thursday that it has started criminal proceedings against a financial adviser and an accountant who allegedly falsified employment documentation for clients to support mortgage applications worth approximately £3.8 million ($5.3 million).

The City watchdog said it has launched the proceedings against Larry Barreto, who traded as Barreto and Partners, an unauthorized financial company, and accountant Tassib Hussain, who ran Keystone Chartered Accountants. Both companies are based in the central English city of Nottingham.

The FCA said it found after an investigation that Barreto and Hussain committed fraud by false representation, which carries a fine and...

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