Loan shark, 83, who threatened victims in Newport ordered to pay back £173,000
An 83-year-old woman who illegally operated as a loan shark has been ordered to pay back £173,000.Tabitha Richardson charged up to 40% in interest to people she lent money to and threatened victims saying she would "come look for them".Richardson, from Newport, left one couple "trapped in a cycle of debt" and having to pay back more than their monthly income.Officers from the Wales Illegal Money Lending Unit (WIMLU) visited the defendant on August 30, 2022, after receiving information about her illegal activities.
She had previously held a licence which allowed her to lend money legally but this had lapsed and she knowingly carried out her practices when unlicensed.A search was carried out at Richardson's home in Nash Road and a safe was found in her garage.
She initially claimed it contained property deeds and she had lost the key, but a locksmith was called out to break open the safe, which was found to contain £6,550 in cash. Richardson lent a total of £126,000 while unlicensed.
One couple received threats from Richardson through text messages when they failed to make repayments.
They received benefits and were unable to work due to their health conditions, but their loan repayments got to the point where they were paying back more than their monthly income, at £1,400 a month.When they missed payments, Richardson texted the male victim saying "Just ring me, you know I can find you" and "You have got to speak to me and let me know what's going on before I come looking for you".
The male victim borrowed £31,000 and paid back interest in the region of £12,400.
The female victim also received threatening messages, with Richardson texting her: "I don't want to come and look for you but you're not leaving me any other thing to do. Let's not fall out, we have known each other for a long time."She borrowed in the region of £46,300 and paid back £18,600 in interest.
Richardson was interviewed under caution in November last year and said she had been legally employed as a money lender since the late 1970s but admitted lending money illegally since 2016.
She claimed people approached her to lend money with loan repayments made in cash and she kept records.She later pleaded guilty to engaging in activity requiring a licence when not a licensee, carrying on a regulated activity when not an authorised/exempt person and money laundering.
The court heard she had no previous convictions, and she was sentenced to 24 months imprisonment, suspended for two years, in August last year.At a Proceeds of Crime Act (POCA) hearing at Cardiff Crown Court on Monday, Richardson was found to have benefited from her illegal practices by £173,195.
The court heard she had available amounts of that sum which would be achieved through the sale of a property.
Judge Hywel James ordered the defendant to pay that sum, of which £35,285 will be used as compensation for her victims.
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