A Dudley man has admitted operating as a loan shark over a six-year period.
John Guest, 62, of Redwood Avenue, Dudley, pleaded guilty to two charges of unlawful money lending, another of concealing or removing criminal property and also possessing criminal property at Wolverhampton Crown Court on Wednesday, February 27.
The defendant admitted illegally lending money between July 2012 and August 2018. During this period, he received £450,000 in cash repayments from victims.
The case is being prosecuted by the England Illegal Money Lending Team (IMLT), who work in partnership with Dudley Council trading standards and West Midlands Police.
Tony Quigley, head of the Illegal Money Lending Team, said:
“The team will continue to work to combat loan sharks. They cause untold misery to the most disadvantaged in our communities. We would urge anyone with information about loan sharking or victims of loan sharks to contact the team.”
Guest is due to be sentenced at Wolverhampton Crown Court on March 29.