FCA slaps 64-year-old with charges of forged documents, false statements
Peterson Okoh, from Peckham, London (SE15), who has traded as Community Mortgage and Accounting Services, has appeared before Westminster Magistrates’ Court, accused of advising on and arranging mortgages without proper authorization. The alleged activities took place over a five-year period between January 2018 and December 2023.
The Financial Conduct Authority (FCA) has made serious allegations against Mr. Okoh, claiming that many mortgage applications he advised on or arranged contained false information or were supported by forged documents. These activities have led to Mr. Okoh facing three counts of fraud by false representation and one count of carrying out regulated activities without authorization.
During the court proceedings, Mr. Okoh, who describes himself as a mortgage broker/accountant, pleaded not guilty to all charges. The case has been transferred to Southwark Crown Court, where a plea and trial preparation hearing is scheduled for August 28, 2024.
Mr. Okoh has been released on conditional bail. As part of his bail conditions, he is required to reside at his home, refrain from acting as a mortgage advisor while unauthorized, and avoid any direct or indirect contact with prosecution witnesses.
Legal context and potential penalties
According to the Financial Services and Markets Act (FSMA) 2000, conducting regulated activities in the UK without authorization can result in fines or imprisonment for up to two years. Additionally, fraud by false representation, under the Fraud Act 2006, carries a penalty of fines or up to 10 years in prison.
Charges against Mr. Okoh
- Three counts of fraud by false representation: Accusations of submitting or supporting fraudulent mortgage applications.
- One count of breaching section 19 of FSMA: Operating as a mortgage advisor without the necessary authorisation.
For further legal definitions and regulations regarding ‘regulated mortgage contracts,’ refer to Article 61(3)(a) of the Financial Services and Markets Act (Regulated Activities) Order 2001.
Editor’s Note: Peterson Okoh was born on October 1, 1960.
