Bragging Coventry loan shark overcharged to pay for his 'Turkey treatments'
A Coventry loan shark bragged that charging 'exorbitant' amounts helped him to pay for cosmetic work in Turkey. He also said it funded an extension on his house but now James Ringrose has started a stint in jail.
In what is a first for England's Illegal Money Lending Team.(IMLT), as well as being jailed, Ringrose has also been given a Criminal Behaviour Order (CBO). This bans the former The Barley Lea resident from entering the Stoke Aldermoor area of city and he also cannot provide or collect unauthorised loans, directly or indirectly for the next five years.
The CBO comes into force after his 31 month prison sentence. If he breaches the order he could face a further jail term.
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Warwick Crown Court heard that the 38-year-old lent thousands of pounds to people, including workmates, charging ‘exorbitant’ interest rates and putting pressure on them to make them pay. His actions left borrowers feeling distraught and even suicidal as they struggled to pay him back.
Jonathan Barker, prosecuting on behalf of the IMLT in partnership with Coventry Trading Standards and West Midlands Police, told the court Ringrose was operating as a loan shark between 2016 and July 2024 and used some of the proceeds to fund a house extension and cosmetic procedures in Turkey.
Ringrose was not authorised by the Financial Conduct Authority to lend money, which meant he could charge whatever he wanted and did not have to abide by the rules that protect borrowers. Mr Barker said one of Ringrose’s borrowers was a workmate who needed some cash but could not get a loan through a mainstream lender.
He borrowed £40 and repaid £60. A few weeks later borrowed a further £100 and told to repay £140. The borrowing continued and by 2019 he was repaying Ringrose £400 a month.
Mr Barker said the borrower would go to a cashpoint and meet Ringrose, who had a clipboard and crossed his name off when he handed over cash. He said Ringrose also asked this borrower to withdraw using debit cards belonging to other people.
Mr Barker said the borrowing ‘spiralled out of control’. He was never given any paperwork and never knew exactly how much he owed.
Another colleague who needed money to repair a vehicle, borrowed £200 and was told she would have to repay £280 by the end of the month. She later took another loan on the same terms and when she struggled to repay, they came to an agreement where she was repaying £80 a month.
Mr Barker said she was so scared of repercussions she continued to make payments for three years, significantly more than the original sum.
'Constant harassment'
After an initial investigation by the IMLT, Ringrose was arrested at an address in Barons Croft, Nuneaton. Analysis of his accounts showed that since November 2016 there were 317 third party credits totalling more than £80,000, 29 cash credits of over £17,000, 63 third party debits totalling just over £4,500 and 626 cash withdrawals worth over £90,000. There were at least 20 names associated with the transactions.
He was released on bail but the crown court heard that he continued to provide and collect on unauthorised loans to around 10 people, for more than £15,000.
In July 2024, he was arrested again following a warrant at an address in The Barley Lea, Coventry. During a search of property IMLT officers found loan records hidden under the carpet of the bottom stair in a folder.
Further checks of his bank accounts revealed that since May 2023, there were 39 third party credits of just under £3,500, 94 third party debits of over £5,700 and 22 cash withdrawals worth just over £1,000. The court heard another borrower borrowed £1,000 in various instalments and was charged double interest on anything over £100, which led her into a cycle of debt.
Mr Barker said: "She estimates that over the years she has borrowed a total of £5,000 and has already paid over £50,000 back, but the defendant had stated she still owes him over £60,000. She states for years she endured constant harassment from the defendant.
"This includes him persistently contacting her via phone, turning up outside her work address, forcing her to provide bank statements and wage slips to show what funds she has, entering her home without her permission following her and taking her to cash machines to withdraw funds."
He said on one occasion Ringrose followed her around Coventry, shouted at her in the street and threatened her partner in order to get her to pay. He said another workmate borrowed £3,000, adding: “He states that the defendant never kept his illegal money lending business a secret and was actually quite boastful about it.
"Ringrose told him that he would operate like a ‘payday loan lender’ and after collecting payments from people, they would have to borrow again from him immediately. He boasted that he had a constant stream of income."
Mr Barker added: "The prosecution case is that the loan business was lucrative. The defendant would brag to others about how lucrative it was. It helped him fund an extension to his property and pay for cosmetic treatments in Turkey."
Mr Barker also said when Ringrose found out that the IMLT had begun an investigation he tried to persuade borrowers not to speak to officers, offering money as an incentive.
Mr Gerard Cullen, defending, told the court there was a lack of sophistication in the offending and Ringrose did not realise he was acting illegally at first.
The judge, Recorder Tom Restall, said despite coming to the attention of the authorities, Ringrose continued to lend money, charging 'exorbitant’ levels of interest.
He borrowers’ mental health suffered badly and one reported feeling suicidal. Ringrose admitted two charges of illegal money lending and money laundering and he was sentenced at the court on Friday, October 18.
For the first count of illegal money lending, Ringrose was sentenced to 16 months in jail to run concurrently with a three-month sentence for money laundering. For the second offence of illegal lending, he was handed a 12-month sentence together with one month for money laundering, to run concurrently, but consecutive to the first set of offences.
He was also handed three months’ custody for breach of a suspended sentence for an earlier unrelated offence, bringing his total sentence to 31 months.
Ringrose was also made subject to a ten-year restraining order in relation to one borrower and handed the CBO, which will be in place for five years.
First for CBO
Speaking after the case Dave Benbow, acting head of the IMLT, a national organisation hosted by Birmingham City Council, which investigates and prosecutes loan sharks, said: "This case is the first time we have used a Criminal Behaviour Order, which means that not only has Ringrose been punished for his illegal money lending activities, he will also be subject to strict rules that stop him acting as an illegal lender in the future.
“Even when illegal lenders are convicted and sentenced, that is not the end of it. We will do whatever we can to ensure they are not free to continue to blight communities in any way.
“Once again, we are grateful to all the witnesses who came forward in this case. We realise it’s not easy, but this shows that we can and will continue to take the strongest possible action against illegal lenders to make our communities safer."
'Disturbing'
Councillor Abdul Salam Khan, chair of Coventry’s police and crime board, added: "It is really disturbing how the culprits operate and that’s why I’m pleased about the action that has been taken to deal with this case. It shows the importance and effectiveness of partnership working between the council’s trading standards officers and the Illegal Money Lending Team."
Cllr Khan appealed: "I'd encourage anyone who has been affected by illegal money lending to get in touch on the Stop Loan Sharks helpline or via their online support.”
Anyone who has been affected by illegal money lending is being urged to call the helpline on 0300 555 2222 or access support online here
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