Illegal lender who preyed on work colleagues sentenced

A 51-year-old man who ran an illegal lending operation that trapped colleagues in spiralling debt has been sentenced at Mold Crown Court. ⚖️

Michael Barrie Kennedy, from Ellesmere Port, admitted charges of illegal money lending and money laundering after an eight-year operation that saw around 30 victims identified, most in north Wales.

Kennedy worked as a waiter at a Chester branch of a well-known restaurant chain, where he targeted struggling co-workers during the cost-of-living crisis. He advertised through word of mouth and festive Facebook posts decorated with emojis to appear friendly.

However, victims faced interest rates of 50% to 100%, with penalty fees of up to £150 for missed payments. Kennedy sometimes raised interest based on how desperate borrowers appeared, and falsely claimed he was backed by a powerful partner to intimidate victims. 💷

He was sentenced to 14 months in prison, suspended for two years, and ordered to complete 250 hours of community service.

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. We strongly urge anyone struggling with cashflow not to turn to loan sharks. Instead, we’ve been working with MoneyWorks Wales to help employers look after the financial wellbeing of their workforce.”

Stop Loan Sharks Wales, which investigated Kennedy, has identified more than 300 illegal lenders since 2007. Anyone with concerns can call the confidential hotline on 0300 123 3311 or visit www.stoploansharkswales.co.uk