A loan shark who admitted nine counts of illegal activity, including blackmail and intimidation, has been jailed following action by a Government-funded team of loan shark hunters.

Kim Cornfield, who operated an unlicensed money trading operation in the Churchill area of Redditch, Worcestershire, targeted vulnerable people, particularly young women on benefits. He used threats of violence, sexual intimidation and aggression to try to get them to pay up, with many threats delivered by text message. The interest rates and payment schedules were so severe his customers struggled to get out of debt.

The investigation and prosecution was undertaken by the Loan Shark Team of Birmingham City Council Trading Standards Department, part of a DTI initiative to stamp out loan sharks.

Cornfield had about 75 clients, many of whom had taken out more than one loan. He claimed he was owed £70,000 in repayments. Typically he demanded £5 a week in repayments for every £100 borrowed, seeking in total a sum one and a half times or double the amount originally lent.

Cornfield's intimidating tactics included threats to break a client's legs, to burn down their house or beat them up. He physically assaulted a visibly pregnant woman. Cornfield was sentenced to two years in prison. His wife Lynne Cornfield also worked on the loan business and was sentenced to a 12-month community rehabilitation order after admitting to unlicensed trading.

Commenting after today's sentencing, Consumer Minister Gerry Sutcliffe said:

"Cornfield used violence and aggression to intimidate his victims during a sustained campaign. He shamelessly targeted vulnerable young women. The Government is committed to shutting down villainous loan sharks, like Cornfield, and protecting the vulnerable in society."

References

Birmingham City Council Trading Standards Department
Department of Trade and Industry