In the first criminal prosecution of its kind by the FSA, a mortgage broker has been fined £6,000 for failing to notify the regulator about a change in control at a regulated firm.
Vijay Kumar Sharma, director at mortgage borker Exetra(UK) Limited, pleaded guilty yesterday at the City of Westminster Magistrates Court to charges of acquiring a controlling interest in the firm without giving the FSA prior notice. He was also charged with making false or misleading statements to the regulator. He was fined £3,000 for acquiring a controlling interest in a regulated firm without giving the FSA prior notice and another £3,000 for making false and misleading statements to the FSA. Sharma was also ordered to make a contribution towards the FSA's costs. Delivering the ve...
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