As ugly on the inside as they are on the outside, here’s a trio of loan sharks who won’t be preying on the public for a while.
They’ve been brought to justice in what’s proved to be a happy hunting season this summer for the specialist England Illegal Money Lending Team.
Research by the team shows that 42% of victims go without food, heating, or miss rent or mortgage payments in order to meet loan shark demands.
These court cases show that victims don’t have to feel powerless in the face of intimidation and extortionate interest rates and that they can fight back.
One of the parasites is Colin Devereux of Coventry who was jailed for 22 months after pleading guilty to two counts of illegal money lending.
Better still, he was also ordered to pay back £100,000 under the Proceeds of Crime Act or face an extra 12 months in prison.
Devereux, 52, was arrested in December last year after investigators recovered more than 100 loan records from his home, as well as £9,000 in cash hidden in kitchen drawers and under a bedroom carpet.
He admitted charging 40% interest and it is estimated that he would have received £154,000 in repayments if he collected from all his “customers” over the life of his operation, which began in 2011.
Judge Potter, sitting at Warwick crown court, told him: “Individuals like you should be punished to send out a message to those who might be attracted by the kind of interest rates you were charging.”
Another long-term shark is Vincent Hamilton, who’s been at it since 2012.
The 56-year-old has been jailed for 30 months after admitting illegal money lending and money laundering. Hamilton built up a network of 31 clients, with debts totalling £38,000, charging 30% interest.
A search of his home in Crewe in November last year revealed cash totalling £7,580, as well as a sideline in illicit cigarettes and tobacco with a retail value of more than £8,000.
Shark number three is Keith Riley, who had been illegally lending since 2015, charging up to 50% interest and pocketing more than £300,000. One victim ended up repaying £15,310 on a £8,500 loan.
The 56-year-old from Thornton-Cleveleys, Lancs, has now been jailed for nine months after pleading guilty to illegal money lending and money laundering offences.
He must also pay £61,100 under the Proceeds of Crime Act within three months or spend an extra year inside. Loans from illegal lenders cannot be enforced in law which is why Illegal Money Lending Teams nationwide have been able to write off almost £75million worth of illegal debt, helping more than 29,000 people and securing nearly 400 prosecutions.
“Illegal money lenders are criminals who prey on vulnerable people and blight communities,” said Tony Quigley, head of the Illegal Money Lending Team.
“They often manipulate and trap victims into a debt spiral and then intimidate them to ensure they
are paid.
“We hope the outcomes of these cases will deter others from engaging in this activity.
“The courts are sending a strong message that they will not tolerate exploitation of the financially vulnerable.”
You can contact the Illegal Money Lending Team on its 24-hour confidential hotline 0300 555 2222 and website stoploansharks.co.uk.
