Trading Standards: Loan Shark Prosecution News - 7 August 2019

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Trading Standards: Loan Shark Prosecution News - 7 August 2019

In this issue:

Coventry loan shark jailed and stripped of assets

Loan Shark

A Coventry man has been jailed for operating as a loan shark for the past seven years.

Colin Devereux, 52, of Deedmore Road, was sentenced to 22 months in prison at Warwick Crown Court on Thursday, 1 August after pleading guilty to two counts of illegal money lending.

He was also given three months to pay £100,000 or face a further 12 months behind bars under the Proceeds of Crime Act.

The loan shark was arrested in December 2018 following a warrant by the England Illegal Money Lending Team working in partnership with West Midlands Police and Coventry City Council in which cash and documentation was seized.

During a search of his home, officers recovered more than 100 loan records which presented names, outstanding balances, repayments and top-ups. 

£9,000 in cash was found stashed under a bedroom carpet and in a kitchen drawer.

Devereux had been involved in the operation of an illegal money lending business since August 2011.

It is estimated that he would have received £154,000 in repayments if he collected from all his customers in that period.

Read the full details of the case

An estimated 310,000 households across the country are in debt to a loan shark. These criminals usually appear friendly at first but quickly trap their borrowers into spiralling debt.

Nationally, Illegal Money Lending Teams have secured more than 394 prosecutions for illegal money lending and related activity, leading to nearly 480 years worth of custodial sentences.

They have written off £74.9 million worth of illegal debt and helped over 29,000 people.

To report a loan shark call the 24/7 confidential hotline on 0300 555 2222 or complete a secure form.

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