Loan shark guilty of 20 offences

A LOAN shark who threatened his victims with violence when they could not meet their payments, has been found guilty of 20 offences by a jury at Warrington Crown Court.
Paul Nicholson, 39, from Delamere, Northwich was convicted of illegal money lending and money laundering.
His partner Tracey Rogers, 38, was found guilty of three offences.
Nicholson was remanded in custody for sentencing on March 20, and Rogers bailed for sentencing on the same date.
The court heard that Nicholson, a former nightclub bouncer, traded as Falcon Securities offering loans to residents for which he charged exorbitant rates of interest. When individuals found themselves incapable of repaying these loans Nicholson imposed harsh penalty clauses and threatened and intimidated his clients into making repayments, even though in some cases they were unable to feed their families.
His clients included some of the most vulnerable people who borrowed sums of money varying from several hundred pounds, to several thousand pounds.
Nicholson claimed he had a legal money lending venture offering a service to the community. But the court was told he created a climate of fear, using weapons such as a knuckleduster and a baseball bat with which to reinforce his debts. Additionally evidence was presented which described how women who owed money were offered the option of “payment in kind” through sexual favours to Nicholson, working in topless bars or as prostitutes to meet the weekly payments they owed to him.
Nicholson was found guilty of one offence of serious sexual assault against one of his female debtors.
The court heard Nicholson earned so much from his business he was able to move from a modest terraced property in Widnes to a 14 acres estate in Delamere Forest. Rogers had horses and Nicholson owned expensive cars including a Porsche.
Detective Inspector Giles Orton,head of the Cheshire Constabulary Economic Crime Unit said, “These verdicts follow a four week trial during which time the court has heard first hand how over the past three years Paul Nicholson has used threats, personal violence and sexual impropriety in the course of his illegal money lending.”
Peter Astley, head of Trading Standards at Warrington Borough Council, said: “Paul Nicholson bullied, intimidated and frightened vulnerable people, charging extortionate interest rates on loans so he could maintain his lavish lifestyle, not caring who he hurt in the process.