A loan shark who lent money illegally to his workmates and profited off their financial difficulties has been sentenced after a detailed investigation by Stop Loan Sharks Wales.
Michael Barrie Kennedy, 51, from Ellesmere Port, pleaded guilty to charges of illegal money and money laundering and has been sentenced to 14 months in prison suspended for 2 years and ordered to undertake 250 hours of community service by Mold Crown Court. He operated for over 8 years and had around 30 victims — many of whom worked with him at a restaurant in Chester.
Kennedy exploited his colleagues’ financial difficulties, particularly during the cost-of-living crisis, offering loans to make it seem like he was helping them through tough times. Faced with mounting financial pressures, many of his victims felt they had no choice but to turn to him when they had cash flow problems. He advertised his services through word of mouth and festive Facebook posts, often decorated with emojis to appear friendly and trustworthy.
People were left stuck in debt and afraid when Kennedy falsely claimed he was backed by a mysterious partner who would make them pay—adding a layer of fear and anxiety for those already struggling to cope.
Cllr. Ruba Sivagnanam, Chair of the Shared Regulatory Services Joint Committee, said:
“Cases involving victims who are in work have sadly become the norm. Even more concerning is the growing trend of illegal lenders targeting their own colleagues within the workplace.
Loan sharks bring misery and despair — but this case proves that we will find them and put an end to their exploitation.”
Stop Loan Sharks Wales is here to protect people from illegal lending. If you or someone you know is being targeted by a loan shark, you can report it safely and confidentially.
Contact Stop Loan Sharks Wales for help or to report illegal lending on our online form or by calling the 24-hour hotline at 0300 123 3311.
Categorised in: Blog