Loan shark ordered to pay back £85,000

Friday, May 26, 2017

A loan shark who preyed on elderly victims and those addicted to gambling has been ordered to pay back £85,000 in proceeds of crime.

Following a hearing at Preston Crown Court yesterday (Thursday, 25 May), David Jackson, 59, of Cabo Roig, Alicante, Spain, was given 3 months to pay the lump sum of money or face an extra 12 months in prison.

Jackson, together with his son-in-law Mark Hayhurst, ran an illegal money lending business in the city.

David Jackson was sentenced to two years in prison back in March 2016 after pleading guilty to counts of illegal money lending and money laundering at an earlier hearing.

Mark Hayhurst, 32, of Garsdale Road in Ribbleton was also given a nine-month sentence, suspended for two years.

The England Illegal Money Lending Team (IMLT) working in partnership with Lancashire County Council’s Trading Standards Service and Lancashire Police, executed warrants at the loan shark's properties in November 2014, seizing loan documentation and a quantity of cash.

During a sentencing hearing in March 2016, prosecutor Ben Mills told the court how Jackson, after leaving his job as a collector for a legitimate loan company, set up his own illegal money lending business and encouraged many of the company’s customers to take out loans from him instead.

Mr Mills told the court that records seized showed that victims were charged £60 interest for every £100 borrowed.

Jackson and Hayhurst had issued loans to at least 142 individuals during the period that they were operating their illegal money lending business.

Although Jackson had declared some of his income from the money lending to HMRC, the prosecution explained how he was hiding a significant percentage of his business by not submitting lists of his most lucrative victims to his accountant.

Recorder TJ Hannam described Jackson as ‘persuasive, insidious and damaging’ upon sentencing.

He added: “Your victims came from the most vulnerable areas of society, including the elderly and those addicted to gambling. These are very serious offences and it’s clear in this case that your behaviour was clearly criminal.”

Tony Quigley, Head of Service for the National Illegal Money Lending Team said: “Another loan shark has been ordered to pay back for the crime that they once committed.

“We will continue to work with local authorities and the police to crack down on illegal money lending and bring those who break the law to justice. It’s important for Lancashire residents to remember that loan sharks are only motivated by greed and should never been used.

“If you or someone you know has been a victim of a loan shark, we urge you to get in touch with the IMLT on 0300 555 2222. Your call will be handled by a trained IMLT officer and all information will be treated in the strictest confidence.

Paul Noone, Head of Lancashire County Council’s Trading Standards Service, said: “Loan sharks cause misery for some of our most vulnerable people and we will continue to work with the Illegal Money Lending Team to protect communities by pursuing them.

“I hope this case serves as a deterrent to potential loan sharks that justice may extend beyond a prison sentence to an order depriving them of the profits of their illegal activity.”

Nationally, Illegal Money Lending Teams have secured more than 378 prosecutions for illegal money lending and related activity, leading to nearly 325 years’ worth of custodial sentences. They have written off £71.9m worth of illegal debt and helped over 26,500 people.

To report a loan shark:
Call the 24/7 confidential hotline 0300 555 2222
Text a report to 078600 22116

Tagged as: Consumer Advice

Share this: