Mortgage broker banned for theft

Rienzie Albert Joseph Asoka Silva, a mortgage broker and former director of Abbey Brokers, was banned today by the Financial Services Authority (FSA) for stealing £1.5 million accounts of clients with the FSA saying it was for dishonest conduct for £1.5 million in mortgage payments to be paid into another defendants account.

In June 2010 the High Court judgment found Mr. Silva had not been honest with his transactions and caused mortgage advances to be misappropriated. He was ordered to pay, by the court, over £1.4 million plus interest and another £265,000 in costs but to date only £50k has been paid to claimants.

The FSA enforcement’s final notice said, you acted without integrity and dishonest while at an FSA authorized firm by having claimants’ mortgage advances paid into another party’s account for your own benefit., adding that with your failure to demonstrate your readiness and willingness to comply with the standards of the regulatory system you present a risk to consumers and the system.