A LOAN shark has been sentenced to three years in prison for blackmail, plus 15 months for illegal money-lending, in Havering.
Stephen Basstoe, 41, of Eastern Road in Romford, was convicted on Monday following a six-day trial at Basildon Crown Court.
Basstoe operated between January 2008 and the point of his arrest in February 2011, threatening borrowers and forcing them to pay back far more than they borrowed or could afford. No paperwork was ever provided.
A typical interest payment would be £150 per month, per £1,000 borrowed, until the whole lot could be repaid in a lump sum. Late charges were between £100 and £500 a day.
One victim had his car taken from him as security, which was then sold on. He eventually fled to London, after Basstoe threatened his elderly grandmother.
Another victim took out a £2,000 loan, and when he struggled to make the interest payments, was hit with £500-a-day late payment charges.
Basstoe also made veiled threats that the loans had been given by a third party and there would be severe repercussions for defaulting.
Sentencing Basstoe, His Honour Judge Owen-Jones said: "It was clear that once people had borrowed money they would be under your control and power.
"Your demands increased simply to supply your greed for more and more money. Your behaviour was totally reprehensible, and loan sharks that resort to blackmail must be deterred.
"This matter is so serious that it must result in an immediate custodial sentence."