Financial Conduct Authority  

Ex-adviser with 6 aliases banned by FCA

Ex-adviser with 6 aliases banned by FCA

The City watchdog has banned an adviser who stole £169,000 and operated in the sector under a number of aliases. 

In a final notice published today (December 9) the Financial Conduct Authority warned former adviser and mortgage broker Shruti Patel was not a "fit and proper person" to perform regulated activity. 

Ms Patel, who had changed her name on at least five occasions, was an appointed representative at an authorised mortgage advice firm between May 2009 and August 2009. 

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Under the name Cindy Brad she was also an appointed representative of an authorised independent financial adviser between August 2017 to February 2018.

In 2009 she pleaded guilty at Leicester Crown Court to three counts of theft, three counts of obtaining a money transfer by deception and one count of obtaining services by deception.

As a result she was sentenced to 18 months in prison, disqualified under the Company Directors Disqualification Act 1986 for 10 years and handed a confiscation order for £13,115.98. 

Between 2004 and 2006 Ms Patel ran a business in Leicester called Mortgage Deals for You and, according to the FCA, obtained loans and mortgages fraudulently by using the names and data of two of her customers.

In total she stole £169,000 from various banks and institutions. 

During her sentencing in November 2009, Judge Hammond said Ms Patel’s offence was "a serious breach of trust…it was a systematic fraud, carefully worked out by a professional over a period of time."

In its final notice the FCA said Ms Patel's conviction showed she lacked the necessary "honesty and integrity required to work in the regulated financial services sector". 

According to the regulator Ms Patel had previously been known by other aliases including Cindy Brad, Swati Patel, Swatiben Patel, Churuti Patel, Churuti Brad. 

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