Man fined £6,000 over illegal money lending

Richard Darcy was prosecuted following an investigation by the England Illegal Money Lending Team (IMLT)

A man who lent thousands of pounds to people illegally has been ordered to pay back £6,000.

Richard Darcy, 60, of Crescent Towers, Leeds, admitted illegal money lending between 2017 and 2023, but said he only did so to those who were "desperate and in need of essentials".

He was investigated by the England Illegal Money Lending Team (IMLT) along with West Yorkshire Trading Standards and West Yorkshire Police.

Darcy appeared at Leeds Crown Court on Thursday where he was told to repay the money within three months or face a jail sentence.

Simon Mortimer, prosecuting on behalf of the IMLT, said Darcy never had authority to lend money from the Financial Conduct Authority (FSA) and was therefore acting illegally.

He said IMLT and police officers searched his home in November last year after someone reported his money lending.

Financial investigations showed he had three income streams - selling furniture, a part time job and income from the lending of money.

'Exploitative'

He was found to have issued loans in the region of around £8,000.

Darcy said he had researched the FSA website and was aware that he required authorisation to continue lending money legally, but as it was not an easy process, he chose to ignore the guidelines.

Judge Tom Bayliss KC said the lending was a means of making money.

He said: "You’re not a vicious loan shark but you were illegally lending which is exploitative, lending to people who likely couldn’t get money elsewhere."

He fined Darcy £6,000 with an order that it must be paid within three months, or he could face a prison sentence.

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