Loan shark terrorised his clients
IPSWICH: A loan shark who ran an illegal money lending business for almost 14 years has been jailed for eight months.
IPSWICH: A loan shark who ran an illegal money lending business for almost 14 years has been jailed for eight months.
Carl Adams, aged 38, of Spenser Road, Ipswich pleaded guilty at an earlier hearing to illegal money lending, acquiring criminal property and concealing criminal property and was sentenced at Ipswich Crown Court today.
The court heard how he punched one man in the face when he could not meet his repayments.
Adams had lent the man �2000 between 2003 and 2009 and demanded weekly payments.
At the time of his arrest he had approximately 35 'clients' through both his illegal lending business and other business dealings and was collecting �200 a week through the illegal business.
Adams was investigated and prosecuted by the East of England Trading Standards illegal money lending team in partnership with Suffolk County Council Trading Standards.
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Judge David Goodin sentencing said that Adams “terrorised” the couple in order to get the “considerable repayments you felt to be your due”
Reg Ruffles, Assistant County Trading Standards Officer, said; “This is a fantastic result for Suffolk Trading Standards and the illegal money lending team and demonstrates the way we work successfully with our partners to deliver exceptional results.
“This sentencing will send a stark warning to anyone who is carrying out the same thing that we will find you and we will act fast to protect the vulnerable people you are exploiting.”
Adams was sentenced to eight months for illegal lending and six months each for the other offences, all to be served concurrently. A sum of �7,010 cash found at his property was confiscated and the judge ordered that �1,700 be paid to the couple as compensation.
