Loan shark who operated in Sale pleads guilty to illegal money lending and and money laundering (From Messenger Newspapers)
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Loan shark who operated in Sale pleads guilty to illegal money lending and and money laundering
A LOAN shark who operated predominantly in the Sale area has pleaded guilty to illegal money lending and and money laundering.
Stephen Rennie, 44, of Mossfield Green, Eccles, will be sentenced at Manchester Minshull Street Crown Court later today, December 12.
Rennie had previously held a consumer credit licence but continued to operate a money lending business illegally for 18 months, predominantly in Sale.
Following an investigation by the England Illegal Money Lending Team and Trafford Trading Stamdards, he was charged with the offences and remanded in custody in September.
Cllr Jonathan Coupe, Trafford Council’s executive member for safe and strong communities said: “We are committed to doing everything possible to eradicate loan sharks in Trafford.
“Perpetrators need to realise that this kind of activity will not be tolerated and by working with our partners we will do everything in our power to ensure those involved are brought to justice.”
Cllr David Lancaster, deputy city mayor of Salford said: “Illegal money lenders are a scourge on society, taking advantage of people in desperate situations.
“I would urge everyone not to even consider lending from these people as it will be a debt which never gets repaid.”
Nationally the Stop Loan Shark Project has secured 293 prosecutions for illegal money lending and related activity, leading to more than 176 years worth of custodial sentence, as well as more than £42 million worth of illegal debt being written off.