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Illegal loan shark was claiming social welfare while making €150,000 profit

first_imgEmail Advertisement WhatsApp Twitter Facebook Printcenter_img NewsBreaking newsIllegal loan shark was claiming social welfare while making €150,000 profitBy admin – December 23, 2013 1083 Linkedin by Andrew CareySign up for the weekly Limerick Post newsletter Sign Up [email protected] LOAN shark, who made €150,000 from moneylending and boasted to Gardaí that he never failed to collect a debt, was found to be claiming social welfare.Ray McInerney (38) of Rhebogue Hill, Rhebogue, Limerick pleaded guilty to illegal moneylending on dates between the January 1, 2010 and July 9, 2012.Limerick Circuit Court heard that McInerney, who was unemployed and claiming benefit, had “little difficulty in making threats of a serious nature”.Judge Carroll Moran was told that he loaned one customer €20,000 and demanded that €26,000 be repaid. The loan was repaid after the man took out a €7,000 credit union loan to clear the debt and he thought that would be the end of the matter.However, McInerney threatened the customer’s son with a “barrage of calls and texts” and threatened to kill or seriously harm him on November 5, 2011. He also pleaded guilty to persistently telephoning the victim on 49 occasions over a three week period.State prosecutor John O’Sullivan said the calls were “sinister and disturbing.”Detective Garda Pauraic O’Dwyer of Roxboro Garda Station said McInerney’s motivation for the persistent harassment was to exert control over his borrowers. Over €400,000 passed through his bank account between March 2005 and February 2012 when he was unemployed.During a Garda interview, he said that he never failed to collect on a loan and made about €150,000 in profit.€10,000 was seized from a bank account by the Criminal Assets Bureau and a “tick list” was found in a urinal in an en-suite bathroom at his house.Defence counsel Brian McInerney said that during the course of his lending, Ray McInerney had over 40 satisfied clients. He now wished to apologise and express his “deep regrets” for his actions.Sentencing was adjourned until January 17 to allow the court consider the matter. Previous articleMinister takes on challenge of ending homelessnessNext articleHungarian grandmother admits running Limerick brothel adminlast_img read more