The FSA has fined mortgage broker Dele MacAulay £115,157 for knowingly submitting nine fraudulent mortgage applications for himself, his wife, and his brother.

Bromley-based MacAulay, trading as Dele MacAulay Financial Services, has also been banned from working in regulated financial services. He is the seventh individual to receive a six figure penalty for knowing involvement in mortgage fraud.

MacAulay processed nine fraudulent mortgage applications with false income and employment information. Five were residential mortgages for himself, two were residential mortgages for his wife, and two residential mortgages for his brother.

MacAulay also submitted false tax information to the FSA in his Retail Mediation Activities Return.

The FSA’s investigation was conducted alongside a criminal investigation by Hertfordshire Constabulary also looking into mortgage fraud committed by MacAulay. Now that MacAulay has been sentenced to 21 months in prison, details of the FSA’s action can be published.

Margaret Cole, director of enforcement and financial crime at the FSA, said: “MacAulay abused his position as a mortgage broker for personal gain