UK Financial Conduct Authority: Unauthorised Mortgage Broker Charged With Fraud

The Financial Conduct Authority (FCA) also alleges a significant number of mortgage applications advised on and arranged by Mr Okoh contained false information and/or were supported by forged documents.

Mr Okoh has been charged by the FCA with 3 counts of fraud by false representation and 1 count of carrying on regulated activities without authorisation. Mr Okoh has pleaded not guilty to all counts.

The case has been sent to Southwark Crown Court for a Plea and Trial Preparation Hearing on 28 August 2024.

Peterson Okoh has been released on conditional bail with conditions of home residence, not to carry on acting as a mortgage advisor while unauthorised, and not to contact prosecution witnesses directly or indirectly pending his next appearance.

Background

• Date of Birth: Peterson Okoh (01/10/1960)
• The most obvious example of a 'regulated mortgage contract' is a loan made to an individual to enable the individual to buy a home for themselves where the loan is secured on that home. For legal definition of a 'regulated mortgage contract', please refer to Article 61(3)(a) of the Financial Services and Markets Act (Regulated Activities) Order 2001.
• Carrying on a regulated activity in the UK without authorisation is contrary to section 19 of the Financial Services and Markets Act 2000 and is punishable by a fine or up to 2 years in prison.
• Fraud by False Representation is contrary to section 2 of the Fraud Act 2006 and is punishable by a fine or up to 10 years in prison. 
• Okoh has been charged with:
  • 3 counts of fraud by false representation; and
  • 1 count of breaching s19 FSMA