Loan shark threatened to ‘bury the dead body’ of a debtor
APREDATORY loan shark who charged an APR of 4.5 million per cent and threatened people who owed him cash has been jailed.
Thomas Johnson’s illegal money lending racket lasted for five years and brought misery and fear to vulnerable people and families in Brinnington.
The 41-year-old fatherof-four dealt with around 100 ‘customers’ and raked in more than £200,000 over the period, a court was told.
Known as ‘TJ’, he used threats of violence to ensure repayments.
Johnson, of Bank Road, Bredbury, told one debtor that he would ‘break his legs’ and ‘bury his dead body’ if he didn’t make a repayment, Manchester’s Minshull Street Crown Court heard.
Johnson pleaded guilty to illegal money lending and money laundering offences and was jailed for 33 months.
The court heard Johnson ‘exploited’ his wife by using her bank account to move money which would often be used for new loans.
Other profit he made was spent on alcohol and illicit substances, said Judge John Potter.
The judge said Johnson’s previous convictions portrayed him as a ‘dishonest and a violent man’ and described the interest rates as ‘exorbitant’.
He charged 100 per cent interest for every £1 borrowed and the APR for his loans was a ‘staggering’ 4.5 million pc because the loans were often over just seven days.
Judge Potter said: “You preyed on people within your own community who were financially disadvantaged and thus vulnerable to your odious criminality.”
Simon Mortimer, prosecuting, said most loans were ‘short term’ over seven days but balances were doubled if a payment was missed.
In excerpts from text messages read out in court, a debtor tells Johnson that she was ‘going to have to miss’ a payment because she needed shopping.
Johnson replied: “Fine doubled. Your balance now £130.”
He was arrested December last year.
Adrian Farrow, defending, said any money made was quickly dissipated and the figures mentioned were based on extrapolation.
Tony Quigley, head of the Illegal Money Lending Team England, which brought the prosecution with Stockport council, said: “We are pleased to have set another community free from the grasp of a loan shark.”
To report a loan shark, call the confidential hotline 0300 555 2222. in