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'Ruthless' loan shark is jailed
John Kiely was convicted of two counts of blackmail
A loan shark who made almost £3m by charging clients up to 2,437% interest has been jailed for five years.
John Kiely, 36, of Chapel-en-le-Frith, Derbyshire, was convicted of blackmail and illegal money lending at Manchester Minshull Street Crown Court.
Judge Adrian Smith told him: "It is clear to me you are a ruthless individual who has displayed a high degree of criminal sophistication."
When arrested he estimated 900 clients owed him £800,000 in outstanding loans.
Kiely, who used enforcers to collect debts owed by families on east Manchester housing estates, was found guilty of two counts of blackmail in July.
BBC NEWS | UK | England | 'Ruthless' loan shark is jailed
Good thing to IMHO !!!
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'Never, ever go to a loan shark'
By Peter Jackson
BBC News
Reynolds was banned from contacting the family
A mother-of-four borrowed £500 from a loan shark to pay off a debt... seven years later she had paid back £88,000.
This and another court case have exposed the plight of some of Britain's poorest families in the recession.
More than 165,000 people use loan sharks in the UK, according to the government's latest figures and, as the recession bites and traditional lenders squeeze credit, that figure is thought to be on the rise.
An estimated 35,000 more people could turn to illegal lenders because of the credit squeeze, according to one government think-tank.
Interest rates of millions of per cent are not unheard of, and victims are typically vulnerable, desperate or both.
BBC NEWS | UK | 'Never, ever go to a loan shark'
John Kiely was convicted of two counts of blackmailA loan shark who made almost £3m by charging clients up to 2,437% interest has been jailed for five years.
John Kiely, 36, of Chapel-en-le-Frith, Derbyshire, was convicted of blackmail and illegal money lending at Manchester Minshull Street Crown Court.
Judge Adrian Smith told him: "It is clear to me you are a ruthless individual who has displayed a high degree of criminal sophistication."
When arrested he estimated 900 clients owed him £800,000 in outstanding loans.
Kiely, who used enforcers to collect debts owed by families on east Manchester housing estates, was found guilty of two counts of blackmail in July.
BBC NEWS | UK | England | 'Ruthless' loan shark is jailed
Good thing to IMHO !!!
------------------------------- merged -------------------------------
'Never, ever go to a loan shark'
By Peter Jackson
BBC News
Reynolds was banned from contacting the familyA mother-of-four borrowed £500 from a loan shark to pay off a debt... seven years later she had paid back £88,000.
This and another court case have exposed the plight of some of Britain's poorest families in the recession.
More than 165,000 people use loan sharks in the UK, according to the government's latest figures and, as the recession bites and traditional lenders squeeze credit, that figure is thought to be on the rise.
An estimated 35,000 more people could turn to illegal lenders because of the credit squeeze, according to one government think-tank.
Interest rates of millions of per cent are not unheard of, and victims are typically vulnerable, desperate or both.
BBC NEWS | UK | 'Never, ever go to a loan shark'
(edit actually Typical 2356% APR - okay a little bit less then lol)
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