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FDIC Sanctions Nine Bank of England Mortgage Employees

3 min read

Federal bank regulators have dropped the hammer on nine employees of Bank of England Mortgage in suburban Detroit for bait-and-switch tactics and other systemic deception of customers between 2018 and 2020.

The branch manager, Zach Jabro, has been ordered to pay a $110,000 civil money penalty, and the assistant branch manager, Ryan Qarana, was assessed $100,000 and banned from working in the banking industry. 

Seven other BOE employees have also received sanctions ranging from additional training to $35,000. The civil penalties, which total $275,500, must not be paid by any bank.

Bank of England FDIC Sanctions by Scott Carroll on Scribd

All nine of the orders were entered on Jan. 12 but were not made public until Friday morning. Jack Nunnery, who was named president of Bank of England Mortgage in September 2022, was not immediately available for comment on Friday morning.

The BOE employees did not admit or deny the FDIC’s findings, but all consented to the orders against them. Jabro, who was the Bloomfield, Michigan, branch manager, “failed in certain respects to manage, monitor, and oversee the sales operations of the branch” between January 2019 and January 2020, according to the FDIC’s order, but he is not accused of personally deceiving customers.

The order against Qarana, the assistant branch manager, spells out the three types of deception that the rest were accused of: misrepresenting available loan prices, misrepresenting the loan production office’s affiliation with the Department of Veterans Affairs, and telling customers that they could skip two months of mortgage payments. Qarana failed to keep loan officers from making these misrepresentations between January and August 2019.

The next largest penalty, $35,000, was assessed against Marla Abdulnoor for all three types of deception in 2019. Abdulnoor’s job title was not included in the order, nor was she specifically identified as an employee of the Bloomfield branch, but a woman of the same name is listed on LinkedIn as a mortgage loan officer in West Bloomfield Township.

Jasmine Jonna, identified as a sales manager at the Bloomfield branch, was fined $12,000 for all three types of deception and banned from working in the banking industry.

The last five orders did not specify the branch where the employees worked, but they all appear to be part of the same investigation. 

Salam Yaldo was assessed $15,000 for all three types of deception between January 2019 and January 2020. Ramy Zoma was assessed $2,500 for misrepresenting the bank’s affiliation with the VA, and Janel Zaitona was ordered to pay $1,000 for participating in all three types of deception.

LaMont Kennedy, identified as a mortgage loan officer, and Oday Sessi, whose violations lasted from October 2018 to December 2019, entered personal consent orders, avoiding any money penalties but agreeing to additional training and oversight by the FDIC. Kennedy was identified as a mortgage loan officer, and he was accused of misleading customers in all three ways. Sessi, whose title was not given, was only accused of misrepresenting BOE’s affiliation with the VA.

Bank of England had assets of $412.8 million at the end of 2023, and reported a net loss for the year of $9.95 million. That followed a net loss of $3.86 million in 2022.

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