Newport loan shark, 83, who threatened victims avoids jail

An 83-year-old loan shark who threatened people who missed illegal loan repayments has avoided going to jail.

Cardiff Crown Court heard that Tabitha Richardson, from Nash Road in Newport, took advantage of vulnerable people and charged 40% interest on 28-week long loans.

She had been lending money illegally for 20 years.

Richardson was given a jail sentence of two years, suspended for two years.

The court heard the lending model she used was copied from her previous employer which offered legal loans.

Her individual money lending licence expired in 2003 but she continued lending illegally and even told some customers that she was "not legally supposed to".

When payments were missed, Richardson often sent text messages, which were described as threatening and menacing.

She sent one customer a text which read: "Just ring me. You know I can find you," adding: "Call me… before I come looking for you."

She told another: "I don't want to come and look for you."

An investigation was launched by the Wales Illegal Money Lending Unit (WIMLU).

In August 2022, a search was carried out of her home by officers who found a large number of financial documents and loan books.

A safe was found in her garage which she said only contained property deeds and that she had lost the keys.

A locksmith was called and £6,500 cash was found inside along with bank books and financial records.

The action brought by WIMLU involved seven victims who had paid Richardson a total of £126,020.

She accepted that she had made the loans without carrying out proper affordability tests.

Judge Mr Recorder Ben Blakemore told her that the interest rates she was charging were extortionate and that she had been exploiting people for her own profit.

He told her that having worked in financial services she would be aware of the protections offered in law.

"You rode roughshod over those protections," he told her.

In sentencing, the judge said had the case gone to trial and Richardson been found guilty, he would have jailed her.

But because she had pleaded guilty, he was able to suspend her prison sentence, adding that she had shown remorse and had apologised to her victims.

She was sentenced to two years in prison, suspended for two years.

As she left court, Richardson was asked by a BBC reporter if she had anything to say about her sentence.

"No, I haven't," she replied.

She was then asked if she was sorry for what she had done to her victims.

"Of course I am," she said.

Following the case, one of her victims, who did not want to be identified, told BBC Wales the loans left them in a permanent cycle of debt.

"We were repaying more than we earnt," they said.

"In the end we were borrowing off her just to repay her interest.

"We had to borrow money off family to pay for our food. It caused us considerable stress. Since the ceasing of these repayments we have managed to begin to live a normal life again."

Sean Spiteri, an investigator with WIMLU, said: "Loan sharks are often stereotypically portrayed as hard men wielding baseball bats but Tabitha Richardson is female and despite her age, was menacing to her victims as well, threatening them when they did not pay their debt, often in the full knowledge that her victims were unable to pay."

An application's been made under the Proceeds of Crime Act to try to re-coup some of the profits made illegally by Tabitha Richardson.

That is expected to be heard in court on 5 January 2024.