Newport pawnbroker, 83, ordered to repay £173,000

An 83-year-old loan shark has been ordered to pay more than £173,000.

Tabitha Richardson, who avoided a prison sentence last August, had been lending money illegally for 20 years.

At the time, he told people who didn’t pay their payments that he would “come and get them” unless they got the money.

At a proceeds of crime hearing at Cardiff Crown Court he was told he would have to sell his house to raise the funds.

The court heard that Richardson, of Nash Road, Newport, had benefited from his criminal activities by £173,195.92.

He was ordered to pay back the money through a confiscation order and six victims will receive compensation totaling £35,285.

Judge Hywel James said if he did not repay the money within three months he could face a prison sentence of one year and nine months.

In 2023, Richardson received a two-year sentence, suspended for two years.

During that previous hearing, the court heard she preyed on vulnerable people and charged them “exorbitant” interest rates – up to £400 for every £1,000 she lent.

The loan model he used was said to have been copied from his previous employer, which offered legal loans.

His individual money lending license expired in 2003, but Richardson continued to lend illegally and even told some clients that he was “not supposed to do it legally.”

When he did not make payments, he often sent text messages that were described as threatening and menacing.

He sent a customer a text saying, “Just call me, you know I can find you,” adding, “Call me before I come get you.”

His actions came to light following an investigation by the Welsh Illegal Money Lending Unit.

Speaking on behalf of some of Richardson’s victims was Ryan Evans from Stop Loan Sharks Wales.

“Often the hardest part for them is talking and contacting us, because they were afraid and there is pressure to not be seen as a ‘weed,'” she said.

“They didn’t have enough money to eat or turn on the heating because they were forced to live on £100 a week, the rest of their money went to paying off loans.”

He added that he hoped the Richardson case would persuade other victims of loan sharks across Wales to take the first step and contact Trading Standards.

“Once we’re involved, we’ll be able to stop it overnight,” Evans said.

There will be another court hearing on Wednesday to determine costs.