Mother and son sentenced for illegal money lending
Graeme Lamb appeared in court but his mother was too ill to attend
- Published
Mother and son loan sharks who operated an illegal money lending operation have been given suspended jail sentences.
Graeme Lamb, 55, and his 82-year-old mother, Brenda Lamb, pleaded guilty to illegal lending and money laundering between October 2014 and November 2019.
Authorities were first alerted by an anonymous call to the government-funded England Illegal Money Lending Team (ILMT).
ILMT head Tony Quigley said illegal lenders "prey on the vulnerable and are out to line their own pockets".
Newcastle Crown Court heard Brenda Lamb had left the employment of a legitimate loan company and started her own business called Percuniam Solutions Ltd, the ILMT said.
When her son lost his job he started working for her as a collector.
Neither was authorised to conduct a credit business.
'Unscrupulous lenders'
The IMLT launched an investigation in partnership with Sunderland Trading Standards and Northumbria Police.
The court was told evidence was found of 361 loans issued to 78 people ranging in value from 拢50 to 拢1,500, the ILMT said.
The Lambs had received 拢173,299 in loan payments, with interest rates of between 40% and 69.5%, it added.
Graeme Lamb, of Seafields, was handed a 12-month jail term suspended for 18 months for each offence of illegal money lending and money laundering, to run concurrently.
He was also ordered to complete 250 hours of unpaid work.
Brenda Lamb, of Bromarsh Court, was given the same suspended sentence but not ordered to undertake unpaid work due to her poor health.
Council cabinet member John Price said there was "no place in our communities for unscrupulous lenders like this who take advantage of people who may be struggling with their finances".
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