By Philip Dewey
Tabitha Richardson (83), of Newport, threatened customers with a “come to find them” message when the repayments were made.
The elderly woman, who was illegally operating as a loan-shark, charged interest rates of up to 40 percent to the people to whom she lent money and made threats that “come find them”. A woman who illegally operated as a loan shark charged up to 40% in interest and made threats that “come look for them”.
Tabitha Richardson was visited on August 30, 2017 by the Wales Illegal Money Lending Unit after information had been received about her illicit activities. The former owner of a legal licence to lend money had fallen through and the woman was now committing illegal acts.
On Friday, Richardson was sentenced at Cardiff Crown Court after a search of her house in Nash Road revealed a hidden safe in her garage. She claimed that it was a safe containing property deeds. A locksmith was then called to crack open the lock and find PS6,550 cash.
Bank books, loan books, documents, and other paperwork were also seized. Alex Greenwood outlined the history of Richardson’s victims, who were owed a combined total of PS126,000 by her.
Richardson threatened a couple via text message when they did not make payments. One couple received benefits due to health issues, but they had to pay back so much that their monthly income was more than what the loan payments were.
Richardson texted the male victim when he missed payments: “Just call me. You know I’ll find you.” and “You need to talk to me. Let me know how you feel before I search for you.” He borrowed PS31,000. The interest was around PS12,400. Richardson also sent her threatening text messages. He said “I do not want to go and search for you, but I have no choice”. “Let’s keep it together, we know each other well. She borrowed approximately PS46,300. The interest was around PS18,600.
He would visit his house every week in order to get the money back. Richardson worked for him and he took two or three loans every year. A loan for PS 1,850 was repaid with PS 765 in interest, which was 40% of the original amount.
Richardson also lent money to his daughter in the 1990s. She paid interest at 40%. Both her husband and her brother-inlaw took loans with Richardson. Richardson discovered a bag with PS150 in it and the name of her victim inside. It had been placed through Richardson’s letterbox. While the defendant did not have a license, the victim had to pay PS3,200 of interest for a loan totaling PS8,500.
Richardson started to loan money to a second victim so that he could keep up the mortgage payments. In the course of the investigation, he was informed that the defendant worked for a firm called “Harity”. However, no such company existed. Mr Greenwood stated that another victim was charged PS600 as interest on a PS2,000 credit and another victim, PS240.
Richardson said, when interviewed in November 2016, that she was legally employed as an money lender from the end of 1970s. However, Richardson admitted to lending illegally money starting 2016. Richardson claimed that she was approached by people to borrow money and the repayments were made in cash.
In a later plea, she admitted to money laundering and engaging in activities requiring a permit when she was not the licensee. It was noted that she did not have any previous convictions.
Andrew Kendal in his mitigation said that while it was true that her client made money from her loans, her main motivation was to help the people to whom she lent. Barrister Andrew Kendal stated that his client’s lending was not done with “greed” or “malintent”, but to help the people to whom she was lending. She also apologized to the victims she had caused stress.
Richardson avoided a custodial term “by the skin of her teeth” when Recorder Benjamin Blakemore handed down his sentence. Blakemore said that she “raised a stink” about the laws and regulations designed to protect borrower’s rights. She described her victim’s messages as being “threatening and menacing in varying degrees”.
He added: Your interest charges were keeping them in “a debt cycle” and exploiting them to make profit. The probation officers said you told them that your goal was to help people and make money for yourself, not do a favor. It was unnecessary to put the interest rate at this level if you had a stable financial situation yourself. This was motivated, I believe by greed.
Richardson’s sentence was 24 months of imprisonment suspended for 2 years. The court warned her that she could be jailed if another offense was committed during the two-year suspension.
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