Expert Advisor

Defendant has been charged with offences in respect of illegal money lending and money laundering. Trading standards prosecution.

Trading standards considers that:
(1) defendant has issued over 500 loans to over 100 individuals
(2) loans in excess of £350k may have been issued of which payments in excess of £425k has been received
(3) loans range from small amounts to large advances attracting ‘interest’ of between 20% and 40%
(4) loans are short term and therefore the APR achieved was often in excess of 700%

Defendant states that they were an administrator of a “rounds” scheme, similar to committees operated within Asian communities. We were asked to review the banking/financial material to ascertain if the transactions are consistent with defendant operating such a scheme.