Convicted loan shark ordered to pay back more than £50,000

A convicted loan shark has been ordered to pay back all of his available assets to the courts, following a financial investigation by the England Illegal Money Lending Team.

Paul Gilpin 39 from Egremont in Cumbria had assets amounting to £50,543.11 He
must pay back this amount or face 18 months in prison.

Gilpin was investigated by the England Illegal Money Lending Team and Cumbria
Constabulary, working in partnership with Cumbria County Council.

He previously pleaded guilty to offences for illegal money lending and money
laundering, and in November last year was sentenced to a nine month custodial
sentence on each count, suspended for 24 months, plus a 250 hour community
service order.

At today’s hearing Simon Mortimer on behalf of the prosecution told Carlisle Crown
Court, how Gilpin made a total of £256,170.11 over a period of six years through
the illegal money lending business he ran from his home in Thorny Road.

His assets included the value of his home, £3850 in cash which was seized by
England Illegal Money Lending Team investigators and approximately £9000 in
bank accounts.

At sentencing the court heard how the investigation uncovered around 44 ‘victims’
borrowing varied amounts with varied interest, from a small loan of £30 to which
£10 would be added as interest to a larger loan of £700 to which £400 would be
added as interest.

Some borrowers handed over their bank cards and PIN’s to Gilpin so he could
withdraw directly from their accounts.

By his own admission, Gilpin knew he needed a licence to lend money legally but
decided not to get one.

Angela Jones, Trading Standards Service Manager at Cumbria County Council
said “"This result is great news for Cumbria Trading Standards and the Illegal
Money Lending team, we hope that this will send a stark warning to those engaged
in illegal money lending that we will do all we can to tackle this despicable crime.
We will continue to work in partnership to target loan sharks operating in our
communities and prevent the most vulnerable from being trapped in debt and
misery to unlicensed lenders."

Tony Quigley Head of the England Illegal Money Lending Team said “Loan
sharks are motivated purely by greed. They do not offer a community service and
cause nothing but misery. Through proceeds of crime legislation we are able to
hit illegal money lenders where it hurts, preventing them from profiting through
crime. Today’s result sends a clear message that we will tackle this crime and strip
offenders of their ill-gotten gains.

We would urge anyone who is aware of an illegal money lenders operating to
contact us in confidence on 0300 555 2222 as we will continue to stop them”

DC Welch of Cumbria Police said: "The investigation into criminals doesn't always
stop after sentencing, we will progress this to make sure that we get them were it
hurts, in their pockets. Crime doesn’t pay and police will continue to ensure that
criminals are targeted and any financial gain they make as a result of their crimes
is seized.”

Nationally over 210 prosecutions have been secured for illegal money lending
and related activity, leading to 125 years worth of custodial sentences. They have
written off almost £40million worth of illegal debt and helped over 18,000 victims.