Graham Walker pleaded guilty to offences under the Consumer Credit Act 1974. In addition to the suspended sentence order he was ordered to pay £8161 under a Confiscation order and costs of £5,000. Mr Walker who had previously run the fraudulent business called ‘Sporting Icons’ in Chester had set up a Pawn-Broking business in North Wales called ‘Gold Star Jewellery’ and offered loans to the members of the public without a licence. He had tried to argue that his 28 buy back agreements meant he did not need a licence.
John Wyn Williams acting on behalf of the Wales Illegal Money Lending Unit said “in times of austerity vulnerable people forced to borrow money from such people need the protection of regulation”. This was a test case brought by Cardiff City Council on behalf of WIMLU which states that Pawn-Brokers cannot hide behind such agreements.
Read the Daily Post article here.