Lender jailed for 31 months after operating in Coventry

A LOAN SHARK operating in Coventry has been sentenced to 31 months in prison and given a Criminal Behavior Order.

James Ringrose had lent thousands of pounds to people, including colleagues, charging ‘exorbitant’ interest rates and pressuring them to make them pay.

The 38-year-old left the borrowers feeling distraught and even suicidal as they struggled to pay him back.

Ringrose admitted two charges of illegal money lending and money laundering following an investigation by England’s Illegal Money Lending Team (IMLT) and appeared at Warwick Crown Court for sentencing last Friday.

The CBO bans Ringrose from entering Stoke Aldermoor and making or collecting unauthorized loans, directly or indirectly, for the next five years.

The prosecution was brought by the MLT, working with Coventry Trading Standards and West Midlands Police.

Mr Jonathan Barker, prosecuting for the IMLT, told the court that between 2016 and July 2024, Ringrose operated as a loan shark, using some of the proceeds to finance a house extension and cosmetic surgery in Turkey.

Ringrose was not authorized by the Financial Conduct Authority (FCA) to lend money, meaning he could charge whatever he wanted and didn’t have to adhere to rules that protect borrowers.

Mr Barker said one man – a colleague who needed cash but could not get a loan from a mainstream lender – borrowed £40 and paid back £60. A few weeks later he borrowed another £100 and was told he had to pay back £140. The borrowing continued and in 2019 he repaid Ringrose £400 a month.

Mr Barker said the borrower would go to an ATM and meet Ringrose, who had a clipboard and crossed out his name as he handed over cash.

He said Ringrose had also asked this borrower to withdraw money using other people’s debit cards.

Mr Barker said the loans were “getting out of hand”. He never received any paperwork and never knew exactly how much he owed.

Another colleague, who needed cash to repair a car, borrowed £200 and was told she had to pay back £280 by the end of the month.

She later took out another loan on the same terms and when she struggled to repay, they came to an agreement where she repaid £80 a month.

Mr Barker said she was so afraid of the consequences that she continued to make payments for three years, significantly more than the original amount.

Ringrose was arrested at an address in Barons Croft, Nuneaton.

Analysis of his accounts showed that since November 2016 there had been 317 third party credits totaling over £80,000, 29 cash credits over £17,000, 63 third party debits totaling just over £4,500 and 626 cash withdrawals worth more than £90,000.

In July 2024 he was arrested again following a warrant at an address in The Barley Lea, Coventry.

Hidden loan information was found during a search of his property.

The court heard that another borrower withdrew £1,000 in several installments and had to pay double interest on anything over £100, sending her into a cycle of debt.

Mr Barker said: “She estimates she has borrowed a total of £5,000 over the years and has already paid back more than £50,000, but the defendant has stated she still owes him more than £60,000.”

He added that she suffered constant harassment from Ringrose, including phone calls, showing up at her workplace, forcing her to provide bank statements and pay stubs and even entering her home without permission. On one occasion Ringrose followed her around Coventry, shouting at her in the street and threatening her partner to make her pay.

Mr Gerard Cullen, defending the case, told the court there was a lack of sophistication in the offense and that Ringrose did not initially realize he was acting illegally.

The judge, Mr Recorder Tom Restall, said that despite coming to the attention of authorities, Ringrose continued to lend money, charging ‘exorbitant’ interest rates.

For the first charge of illegal money lending, Ringrose was sentenced to 16 months in prison, concurrent with a three-month prison sentence for money laundering.

For the second offense, namely illegally granting loans, he was given a prison sentence of 12 months, together with one month for money laundering, to take place concurrently but consecutively with the first series of offences.

He was also jailed for three months for breaching a suspended sentence for a previous unrelated offence, bringing his total sentence to 31 months.

Ringrose was also subject to a ten-year restraining order in relation to one borrower.

Dave Benbow, acting head of the IMLT, a national organization organized by Birmingham City Council which investigates and prosecutes loan sharks, said: “This case is the first time we have used a Criminal Behavior Order, which means it is not just Ringrose punished for his illegal moneylending activities, he will also be subject to strict rules that will prevent him from operating as an illegal moneylender in the future.

“Even if illegal lenders are convicted, that is not the end. We will do everything we can to ensure they do not have the freedom to continue destroying communities in any way they choose.”