Loan shark jailed for 30 months

A WARRINGTON man was jailed for 30 months at Chester Crown Court after being found guilty of operating an illegal money lending business.
John Radford, 57, of Park Road, Great Sankey was one of three people appearing before the court.
The other two, Paul Holman, 35, from Redpoll Grove in Halewood, Knowsley and Sindy Hope, 50, from Castle Rise in Runcorn were also convicted following a 12 day trial and were each jailed for 10 months.
Radford had previously been convicted of two firearms offences, after a loaded revolver and a quantity of ammunition was uncovered during a search of his home.
He was sentenced to eight years in prison for possession of the gun, and two years for possession of the ammunition to be served concurrently.
His sentence for illegal money lending will run consecutively to this.
A number of other weapons including machetes, knuckle dusters and red pepper spray were found during the raid in March 2012. In addition over £17,000 was seized from safes in his home.
The investigations were led by the England Illegal Money Lending Team, working in partnership with Cheshire Police Financial Investigation Unit, Warrington and Halton Borough Council and Knowsley Borough Council.
Simon Mortimer, prosecuting, told the court Radford had previously
worked as a legal money lender, but allowed his licence to lapse. He continued to unscrupulously generate significant wealth at the expense of vulnerable people who by the very nature of their personal and financial circumstances, had no choice but to seek funds from him, locking them into a spiral of never ending debt, high interest rates and no prospect of ever concluding their dependency on him.
Radford engaged both Holman and Hope in intrinsic roles collecting payments, brokering new and additional loans and intimidating people who defaulted, making them equally culpable of the illegal offences.
The trio operated predominantly in the Liverpool and Halton areas and when they were arrested in March last year were due an estimated return in excess of £420,000.
A search of their home uncovered vast amounts of documentation relating to the illegal money lending business.
Investigators from the England Illegal Money Lending Team analysed the loan records uncovered from the homes of each of three defendants and saw that in a six week period, they had approximately 130 customers, who owed them almost £100,000.
Radford profited greatly at the expense of others through the illegal business. He lived in a large detached property and had 17 other properties which he rented out. He owned a total of nine vehicles, and had more than £775,000 across five bank accounts, despite declaring less than £250,000 as his income through employment and renting properties since 2003.
Interest was varied with people often paying back at least double what they had borrowed. Although some borrowers signed an agreement, these weren’t legally enforceable and they were never given any paperwork to keep track of the loan themselves. In some cases interest was never even discussed. Late payment fees were sometimes added at £10 a day.
One victim who took out a loan for £1,000 was forced to pay back £60 every week for a year, meaning they paid back more than three times what they had borrowed. As they began to struggle with repayments, they were forced to take out further loans from Radford, Holman and Hope to repay the first. As the debt spiralled, they were told they owed more than £13,000.
Radford, Holman and Hope were known to threaten borrowers telling them they were due “a hiding” or that they would take their home or send bailiffs.
Sentencing, Judge Trigger said: “Radford was as a slippery as an eel.
He took every opportunity to deflect the blame onto someone else and deliberately attempted to avoid any scrutiny or detection.
“Radford was the centre of the operation, he employed Holman and Hope to do the dirty work and go collecting on his behalf.”
After the hearing, Cllr David Keane, Warrington Borough Council’s lead member for environment and public protection, said: “Loan sharks are criminals who prey on vulnerable people such as single parents, the elderly, or people on benefits who can suffer harassment, threats, and spiralling financial difficulties. There are teams of professionals up and down the country dedicated to catching them and prevent them from taking advantage of people.
“There is also help and advice available and so anyone who owes money to a loan shark or want to help someone else, please get in touch today.”
Pictures: John Radford and the gun found at his house.