A mortgage broker has been banned from performing any regulated activity following working as an unauthorised adviser after serving a prison sentence for theft.

Shruti Patel was convicted in September 2009 at Leicester Crown Court. She was charged with three counts of theft, three counts of obtaining a money transfer by deception and one count of obtaining services by deception.

She obtained loans and mortgages fraudulently by using the names and data of two of her customers. The total amount she stole from various banks and other institutions was £169,000.

Patel pleaded guilty and was sentenced in November 2009 to 18 months imprisonment, disqualified for 10 years and was the subject of a confiscation order for £13,115.98.

The offences were committed over a period of around 15 months between 19 December 2004 and 11 April 2006. During that time, Patel ran a business in Leicester called Mortgage Deals for You.

In his sentencing remarks (made on 9 November 2009), His Honour Judge Hammond said Ms Patel’s offence constituted “a serious breach of trust… It was a systematic fraud, carefully worked out by a professional over a period of time.”

The Financial Conduct Authority say her conviction demonstrates “she is not fit and proper because she lacks the necessary honesty and integrity required to work in the regulated financial services sector”.

It turns out that Patel has never been an approved person. However, under the name Shruti Patel, she was an appointed representative at an authorised mortgage advice firm between 13 May 2009 and 17 August 2009.

She also worked as an appointed representative of an authorised independent financial advisor, from 22 August 2017 to 24 February 2018 under the name of Cindy Brad (sole trader).

Patel has changed her name on numerous occasions and is now known as Cindy Brad. Her birth name is Swati Patel and previously confirmed she has also been known Swatiben M Patel, Churuti Patel and Churuti Brad.