Loan Shark Ordered to Pay Back £173,000
An 83-year-old woman from Newport, Wales, has been ordered to pay back a staggering £173,000 after being convicted of illegal money lending and money laundering.
Illegal money lending can have devastating consequences
Tabitha Richardson, the 83-year-old loan shark, was raided by officers from Stop Loan Sharks Wales in August 2020. During the raid, £6,500 in cash was found in a safe, along with bank books, lending books, files, and other paperwork.
“I had avoided an immediate period in custody by a whisker.” - Recorder Benjamin Blakemore
After an investigation, Richardson pleaded guilty to illegal money lending, engaging in an activity requiring a licence, carrying out a regulated activity when not authorised or exempt, and money laundering. At a hearing last August, Recorder Benjamin Blakemore said she had avoided an immediate period in custody “by a whisker” after sentencing her to 24 months imprisonment, suspended for two years.
The consequences of illegal money lending
Richardson has been ordered to pay back the £173,000 within three months, or face 21 months in jail. To raise the funds, she will have to sell her home.
The consequences of illegal money lending can be devastating
This case serves as a reminder of the importance of regulating money lending and the consequences of illegal activities.
The importance of regulating money lending
