Larry Barreto and Tassib Hussain, convicted of fraudulent activities related to mortgage applications in November 2023, have both been given suspended prison sentences.
In the period of January 1, 2015 to March 2018, Barreto operated outside the bounds of legal authorization, providing mortgage advice for a fee without the required FCA endorsement, it was reported. According to an FCA Press release, Barreto’s actions included inflating applicants’ incomes in mortgage applications, which totalled around £3 million. According to FT Adviser, the aim was to secure mortgages for clients with insufficient income. Hussain collaborated with Barreto by fabricating false documentation, including counterfeit HMRC records and fictitious employment paperwork.
Barreto’s sentencing includes two years’ imprisonment, suspended for two years, as well as 120 hours of unpaid work, for his involvement in 11 counts of fraud by false representation and two counts of carrying out regulated activities without authorization. Meanwhile, Hussain received a 16-month prison term, suspended for two years, and 120 hours of unpaid work for one count of fraud by false representation in relation to 11 mortgage applications.