Loan Shark Jailed
Illegal money lender gets 3 years 9 months
27th July 2005
A 38 year old midlands man has been jailed after being found guilty of illegal money lending. Mark Johnson, of Hall Green, was given a sentence of 3 years 9 months by Birmingham crown court yesterday.
The loans, of £100 and upwards, were mainly made to vulnerable people like single mothers and struggling pensioners, and threats and intimidation were used to collect payments at rates of up to 8,000%. One person who borrowed £500 was told he needed to repay £20,000.
It is thought that Johnson collected around £800,000 in repayments at extortionate rates, using the proceeds to buy expensive Porsche and BMW cars. Moves are underway to confiscate his assets.
The case was the first prosecution brought by a government-backed loan shark detection scheme currently being piloted in the West Midlands, and it is understood that a further 35 cases are in the pipeline.
Read More: Money Guardian : "Loan shark who charged 8000% is sent to jail..."
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