Loan shark who pocketed 拢300,000 jailed
- Published
Riley ran an "unsophisticated" lending operation over a four-year period
A loan shark who took more than 拢300,000 charging workmates and friends up to 50% interest has been jailed for nine months.
Keith Riley, 56, of Thornton Cleveleys, Lancashire, admitted illegal money lending, at a previous hearing at Preston Crown Court.
One victim ended up repaying 拢15,310 on an 拢8,500 loan, the court heard.
Recorder Stanley Reiz ordered Riley, of Crabtree Road, to pay 拢61,100 under the Proceeds of Crime Act.
The sum, amounting to Riley's available assets, must be paid within three months or he faces a further year in jail.
The recorder described Riley's operation as "unsophisticated lending to colleagues and friends, with profit over four years and charging high interest rates."
The England Illegal Money Lending Team said it raided Riley's flat in January with Lancashire County Council Trading Standards and Lancashire Police after receiving a tip-off.
Officers found documents identifying 35 regular borrowers and 拢305,778 in loan repayments.
Albert Atkinson, Lancashire County Council cabinet member with responsibility for trading standards, said: "It is notable that Riley was caught following a tip-off, which should be taken as a warning that this activity is not something people in Lancashire will tolerate."