Former Grantham businessman faces losing home after conviction for illegal money lending
A businessman jailed for running an illegal money lending business now faces losing his home after a judge today (Friday) ruled that his assets should be confiscated.
Samuel Bromfield was given a 12-month jail sentence at Lincoln Crown Court in September last year, after it was revealed that he operated the unlicensed business for almost three years before being brought to justice.
Bromfield appeared back in court this morning for a hearing to decide on the confiscation of his assets.
Judge Michael Heath ruled that Bromfield’s benefit from crime was £43,000 and that money should be confiscated from his available assets.
Bromfield was given three months to pay the money.
Simon Mortimer, for the prosecution, said that Bromfield’s available assets include the equity in his house together with two motor vehicles and cash.
The court was told that as a result of the proceedings Bromfield’s home is due to go on the market later this month.
When Bromfield was jailed last year it was revealed that he loaned money to more than 100 customers while operating what was described as a substantial illegal money lending business.
Mr Mortimer told that hearing: “The evidence demonstrated he was operating an oppressive regime of repayment and charges.
‘The total amount loaned was just under £166,000. He gave out 943 loans to just over 100 individuals. The interest charged was usually 50 per cent of the capital advanced.”
Bromfield, who at the time was running the Discount Cabs taxi firm in Grantham, later told police he loaned money to family, friends and colleagues.
Mr Mortimer told the court: “He said it was personal between them and him. He said he didn’t charge interest.”
The court was told that Bromfield was not licensed as a money lender and knew he would not be granted a licence because of past County Court judgements against him.
Bromfield, 61, of Ferry Lane, North Muskham, Nottinghamshire, admitted two charges of operating as an unauthorised money lender.
His barrister Edward Cole, in mitigation, said that Bromfield was approached by people who wished to borrow money from him and he thought he was helping people in need.
Mr Cole said: “He doesn’t have a luxurious lifestyle. His primary motivation was to help people who came to him for help.”