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Two sentenced for mortgage fraud

Larry Barreto gave mortgage advice without FCA authorisation, and inflated applicants’ incomes. Tassib Hussain helped him by providing false employment documentation

Two sentenced for mortgage fraud

Southwark Crown Court has sentenced two individuals for committing mortgage fraud by cheating lenders and violating Financial Conduct Authority (FCA) norms.

The FCA initiated criminal proceedings against the pair, Larry Barreto (69) and Tassib Hussain (45), in April 2021, and they were convicted in November 2023.


Between January 1, 2015, and March 2018, Barreto advised in return for a fee, without the necessary FCA authorisation, to people looking to take out residential mortgages.

In 11 cases, he inflated the applicant’s income in their application to the lender.

He would then pay Hussain to create false self-employment and employment documentation to support the inflated mortgage applications for clients with insufficient income.

The lenders ended up granting mortgages to several applicants on a false basis, placing them and their customers at risk. The total value of the mortgages applied for was around £3 million.

Barreto was sentenced to two years imprisonment, suspended for two years, with 120 hours of unpaid work, for 11 counts of fraud by false representation, and two counts of carrying on regulated activities without authorisation.

Hussain was sentenced to 16 months imprisonment, suspended for two years, with 120 hours of unpaid work, for one count of fraud by false representation relating to 11 mortgage applications.

While passing the sentence on March 27, HHJ Cole, sitting at Southwark Crown Court, said, “You are guilty of systematic mortgage fraud” and have “abused your position".

FCA's Joint Executive Director of Enforcement and Market Oversight Therese Chambers said their dishonesty put people at risk of taking out unaffordable loans and losing their homes.

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