Nuneaton loan shark who worked undercover of a credit union handed suspended sentence
Warwickshire County Council Trading Standards Service has praised the work of the West Midlands area Illegal Money Lending Team for bringing a successful prosecution against a Nuneaton loan shark.
Brian Wood, of Edward Street, Nuneaton loaned money pretending it was from a credit union. At Warwick Crown Court he pleaded guilty and was given a nine month suspended sentence and 150 hours’ community service.
Mark Ryder, Head of Warwickshire Trading Standards said:
“We are delighted that a loan shark operating in Warwickshire has been successfully prosecuted and I commend the work of our colleagues in the Illegal Money Lending Team who investigated this case on our behalf.
Credit Unions are a vital resource for people who might struggle to get credit from a High Street lender. Brian Wood took advantage of that fact to target some very vulnerable consumers.
Warwickshire Trading Standards will continue to work with the Illegal Money Lending Unit to take action against loan sharks working in the county.”
Brian Wood was convicted of illegal money lending, intending to pervert the course of justice, possessing counterfeit clothes with intent to supply, and possessing counterfeit cigarettes.
He worked for a credit union in Nuneaton and was effectively running his own lending operation in parallel, though he led clients to believe they were borrowing from the credit union. He also sold counterfeit cigarettes while doing his rounds.
Brian Wood was sacked by the credit union in August 2005 but continued to loan money to people on his old round. When the investigation began he visited some of his clients, asking them to lie to investigators, despite being warned not to make contact with them.
Wood was also ordered to pay £1,500 costs.
Fact file
Credit unions are financial co-operatives owned and controlled by their members. They offer savings and great value loans plus they are local, ethical and know what their members want. For more information visit: http://www.abcul.org
If you know of a Loan Shark operating in your area or you need help and advice yourself, you can contact the team in confidence:
Telephone: 0121 693 1122
E mail: stoploansharks@birmingham.gov.uk
or Text: loan (space) sharks (space) your message to 60003.