A benefits cheat who kept rolls of cash in his fridge from his illegal work as a loan shark has been jailed for three years and six months.
Robert Sparey, 54, of Y Cilgant, Penyrheol, spent money on Rolex watches, a caravan and salted away a fortune into numerous bank accounts.
He was jailed at Cardiff Crown Court on Friday, December 1, after his loan shark scheme with more than 100 victims paying “extortionate” rate was uncovered by police.
Prosecutor Tim Evans said: “Mr Sparey was a man on the face of it reliant on state benefits living hand to mouth.
“He was in fact making substantial amounts of money from illegal businesses.”
Cardiff Crown Court heard Sparey was claiming employment and support allowance, council tax benefit, motibility benefit and housing benefit.
His Vauxhall Insignia was also funded by benefits.
The court heard there were 116 victims identified – with 23 willing to provide statements.
The loan shark was arrested in January this year after a victim phoned an anonymous hotline to report him.
When officers searched his council house they found repayment books saying he was owed £264,405 in outstanding loan repayments. The repayment books were written over two to three years and included £61,839 of interest.
But even after his arrest, Sparey kept on offending and approached five witnesses to try and get them to lie for him.
Mr Evans said: “He sought to hide from view the movements of cash. There were threats to borrowers.
“Even after his arrest he didn’t stop. These were extortionate rates of interest.
“He portrayed himself over a 20-year period, as far as the state was concerned, as a person who required their substantial help when in fact he was making substantial profits and bragging to the people around him.”
Sparey was also selling fake cigarettes and tobacco to his neighbours, the court heard.
And he would keep rolls of cash in his fridge – which he called his “safe.”
Sparey would also lend money to people at the caravan park where he had an £18,000 caravan and was known as ‘Del Boy’. He would normally charge £35 per £100 spent.
After his arrest his assets were £43,000 – including two Rolex watches worth £3,000 and gold jewellery worth £1,750.
He admitted to engaging in unlicensed money lending activities, using or possessing criminal property, possessing goods baring registered a trademark with a view to offer for sale, and perverting the course of justice.
Judge Eleri Rees said: “We have heard a catalogue of misery brought by your money lending.
“You described yourself as a loan shark to one of the witnesses.
“Not only were you preying on some of the most vulnerable and poor people in the community, often finding themselves tied into indebtedness over long periods to yourself, it was accompanied in some cases by threats and intimidation.”
Stephen Grey, Head of the Wales Illegal Money Lending Unit, said: “I welcome the sentence imposed by the court today. This is a man who portrayed himself as a victim of physical and financial circumstances, hasn’t been employed since 1990, received full council tax benefit, housing benefit, £57 per week from the mobility scheme for his car, the highest level of employment support allowance possible and was in fact making substantial amounts of money being a loan shark.
“If anyone has any information about loan sharks operating in Wales please contact us on 0300 123 3311.”
Nice to see justice done.