Taxi Driver Online

Taxi firm owner jailed for running illegal money-lending scheme


A businessman who ran an illegal money lending business has been jailed for 12 months.

Samuel Bromfield operated the unlicensed business for almost three years before being brought to justice.

Simon Mortimer, prosecuting, said that an investigation revealed that Bromfield loaned out £166,000 to a total of 105 customers between November 2011 and August 2014.

Mr Mortimer told Lincoln Crown Court: "It was a substantial business.

"The evidence demonstrated he was operating an oppressive regime of repayment and charges.

'The total amount loaned was just under £166,000. He received back in excess of £142,000. He gave out 943 loans to just over 100 individuals.

The interest charged was usually 50 per cent of the capital advanced."

Bromfield , who runs the Discount Cabs taxi firm in Grantham, later told police he loaned money to family , friends and colleagues.

Mr Mortimer told the court: "He said it was personal between them and him. He said he didn't charge interest."

The court was told that Bromfield was not licensed as a money lender and knew he would not be granted a licence because of past county court judgments against him.

Bromfield, 60, of Ferry Lane, North Muskham, Nottinghamshire, admitted two charges of operating as an unauthorised money lender.

Judge Michael Heath, passing sentence, told him: "You were operating for two years and nine months as an illegal money lender in quite a big way.

"The whole purpose of regulating the lending of money is to ensure that stringent rules designed to protect vulnerable people from abuse are complied with.

"You knew very well that you needed a licence and you knew you wouldn't get one because of your county court judgments in the past.

"It is plain that this was a profitable , unlawful and illegal activity. The only sentences I can justify for these offences are immediate custodial sentences."

Edward Cole, in mitigation, said that Bromfield's taxi firm would be put risk if he received an immediate jail sentence.

Mr Cole said: "He was approached by people who wished to borrow money from him. Principally they were his employees. He thought he was helping people in need. Not every loan was advanced with interest.

"He doesn't have a luxurious lifestyle. His primary motivation was to help people who came to him for help."

After the hearing Cath Williams of the England illegal money lending team, which brought the prosecution against Bromfield, said: "The authorisation regime exists to protect vulnerable people.

"This type of crime is massively under-reported . Illegal money lenders can have a massive effect on people's lives. We urge people to use our 24 hour hotline on 0300 5552222 to report illegal money lenders so that we can investigate."

source: http://www.lincolnshireecho.co.uk/taxi- ... story.html

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

only themselves to blame, no one forces it on them, its their choice to go to a moneylender, just like its the choice of druggies to stick a needle in their arm, non story tbh

Simon Mortimer, prosecuting, said that an investigation revealed that Bromfield loaned out £166,000 to a total of 105 customers between November 2011 and August 2014.

but how much of that did he lose in my experience those that need to borrow can't afford to repay

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

The report states in excess of £142,000

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Grandad,

TYPICAL OF THE SPECIMENS THAT RUN CAB COMPANY'S A FOOKIN CROOK LETS HOPE HE'S BARRED FROM THE INDUSTRY FOR LIFE BET HE WAS A TORY

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All posts by this contributor are made in a strictly personal capacity

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