A loan shark from Watford has avoided jail despite issuing over 650 loans, valuing at more than £175,000 in total.

Last Thursday (June 29), David Evans received a suspended 12-month sentence at St Albans Crown Court, having pleaded guilty to running an unlawful money lending business.

The 74-year-old had been running an illegal money lending scheme between 2017 and 2021.

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In order for a loans business to operate legally, it must "have permission from the Financial Conduct Authority (FCA) and conduct their service in a fit and proper way".

Evans had previously worked for an authorised credit business, and advised customers of his illegal scheme that he was operating personally and lending on "the down low".

Overall, the loan shark had 175 borrowers on his books, charging a minimum of 20 per cent interest.

No paperwork was issued, with customers advised to repay loans into his personal account with the instruction not to annotate the word "loan" on any payments.

At least 655 loans were issued by Evans, to the value of £175,653.20.

At least 3,100 payments were collected.

                                                                                            

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Upon sentencing, Recorder Stern KC said: "Essentially what it comes to is that you undertook to provide unlicensed personal loans to 175 individuals between September 2017 and September 2021.

"You did not seek authorisation for that during that period. 

"As you know full well (because you used to work in the business) moneylending is highly regulated.

"It ensures safety to the public”.

Tony Quigley, head of the England Illegal Money Lending Team added: “This is another great result for the team, and for those victims who came forward to help bring this prosecution to court. 

“We would encourage anyone with information about illegal money lending activity to speak to us via the confidential hotline, so we can take action and remove unscrupulous lenders from our communities.

“Our team are determined to make sure these offenders are caught and will continue to protect our residents.”

Concerns regarding illegal money lending can be reported on 0300 555 2222, or by visiting www.stoploansharks.co.uk.