Partnership work by authorities sees man jailed for illegal money lending

A Birkenhead man has been convicted of four counts of illegal money lending and one count of money laundering, after joint working by the England Illegal Money Lending Team, police and a local authority.

Gerald Daord, 52 of Hampton Close, was sentenced to 16 months’ prison at a hearing at Liverpool Crown Court on 28 August.

The prosecution was brought by the England Illegal Money Lending Team, which worked with Merseyside Police and Wirral Council on the case.

The three organisations executed a warrant at Daord’s home in August 2011. Documentary records of his business and £1,480 in cash were seized.

Investigators said three notebooks contained records of 46 individuals and amounts over a four-year period. They estimated that his business could be valued at in excess of £82,00. In one case, the interest payable was estimated to be 2,752% APR.

Daord, who had previously been the director of a licensed pawnbrokers before the company dissolved, claimed in interview that he only lent to friends.

Tony Quigley, Head of the England Illegal Money Lending Team, said: “Loan sharks may act like a friend and appear to be doing you a favour but they are only motivated by their own greed. Loans sharks like Daord profit illegally at the expense of others.

“This result sends a clear message that we are cracking down on this crime, and that loan sharks will not be tolerated in our communities.”

Cllr Brian Kenny, Wirral Council’s Cabinet member for Environment, said: “Our commitment to bringing loan sharks to justice is exemplified by our partnership with the England Illegal Money Lending Team which has led to this conviction but in an ideal world people like Daord would have no demand for their services.”

The Stop Loan Shark Project has secured over 212 prosecutions nationally for illegal money lending and related activity, leading to 132 years’ worth of custodial sentences.