Loan shark caught out
04/03/09
A loan shark has been caught out after he was found lending money in unreasonable ways to vulnerable customers. Patrick Timothy aged twenty-six was charging interest of up to 149,000% to customers and in some instances had even borrowed to children.
An investigation had found that Mr Timothy had made a lot of money from his criminal lending and was ordered to pay over £85,000 much of which he had frozen in bank accounts.
It was found that Patrick Timothy had profited by around £250,000 by lending money with huge interest rates and taking advantage of the most vulnerable. Mr Timothy owns a Mercedes car which is thought he will have to sell to meet the bills he is required to pay.
“A wholesale and blatant disregard for the safeguards designed to protect the vulnerable from people like you,” the judge commented with regards to Mr Timothy’s business.
He continued, “The whole approach to the business was one of exploitation of your customers.”
