fca said although the sellers expected to get a discounted price for their properties they did not know that chadda was receiving the full price for the properties from the purchasers in two cases he reduced the sellers share of the sale money by misleading them about the value of their property and in one case he exaggerated the legal costs that the seller had to pay to further reduce the amount the seller received fca further said that in three cases the sellers got less than half of the value of their property while in two of these three cases the seller only received 38 per cent of the sale price of their homes the fca believes that chadda received 695277 pounds from the seven transactions as a result of his misconduct and that these charges were unfair and excessive the penalty includes disgorgement of the whole of this sum the regulator said the fca also charged chadda of seriously aggravating his misconduct by making false and misleading statements to it and by failing to disclose relevant documents and information and creating misleading documents he also arranged for people to impersonate his customers in order to mislead the fca the regulator said commenting on the order fcas director of enforcement and financial crime tracey mcdermott said chaddas misconduct is the most shocking we have seen from a home finance arranger he is a disgrace to financial services he deliberately misled his clients for his own personal gain and then repeatedly and cynically lied to the fca chadda is not fit to work in regulated financial services and he presents a serious risk to customers and lenders alike with his dishonest and unscrupulous actions the unprecedented level of the fine for a sole trader reflects our determination to deprive him of the gains he made as a result of his misconduct mcdermott added fca has asked chadda to pay the financial penalty within 14 days that is by july 3 2013 failing which it can recover the outstanding amount as a debt owned by him