Loan shark pleads guilty
Published by Max Salsbury for 24dash.com in Local Government and also in Legal
A Hull loan shark has pleaded guilty to seven counts of illegal money lending and two counts of money laundering.
Darren Wilson was arrested in December 2012 after the England Illegal Money Lending Team working in partnership with Hull City Council executed a warrant at his home, seizing documentation that proved he had been running his crime business for around six years.
The 45-year-old, of Appin Close, Bransholme, will be sentenced at Hull Crown Court at a later date.
Councillor John Hewitt, the council's portfolio holder for neighbourhoods and communities, said: "By working in partnership with the England Illegal Money Lending Team we have supported a successful action. We would urge people not to borrow from a loan shark and if you are aware of loan sharks operating in your area, please report them.
“You may only be borrowing a couple of hundred pounds to ‘tide you over’ but in the end it may cost you thousands to pay back having not been fully aware of the high interest rates that may make it difficult to pay back.
"There are legal, reputable lenders in the city, such as the Hull and East Yorkshire Credit Union, which we would always recommend to people who need to borrow money. Loan sharks operate illegally, prey on many of our more vulnerable residents and often cause them to live in fear and misery.”