Qld: Gold Coast attacked by loan sharks

AAP General News (Australia)
04-08-2005
Qld: Gold Coast attacked by loan sharks

BRISBANE, April 8 AAP - South East Queensland residents have been told sharks in the
Gold Coast canals aren't the only ones who will bite them.

The state government today said vulnerable Gold Coast residents have been threatened
and intimidated by loan sharks after being charged monstrous interest rates.

The latest catch for the Office of Fair Trading (OFT) was former Gold Coast man Paul
Arnold Leavers and his wife Trina Kym Leavers.

Mr Leavers has been fined $45,000 by the Supreme Court for duping customers.

"Leavers targeted vulnerable consumers, charged them exorbitant interest rates on their
loan and when they could not keep up with the repayments he sent men to threaten and intimidate
them," Fair Trading Minister Margaret Keech said.

Leavers fled Australia in 1999 to avoid arrest but the OFT obtained court orders to
freeze $90,000 of his assets, Mrs Keech said.

The OFT's greatest success was the landing of Gold Coast loan man Timothy John Ward
and his company, Shark Financial Services Pty Ltd, who were fined $230,000, another $125,000
in legal costs and were banned for life from providing consumer credit in Queensland.

"Typically these loan sharks provided loans between $500 and $2000 with interest charges
as high as 210 per cent per annum with borrowers limited to repaying loans in one lump
sum," Mrs Keech said.

"Potential borrowers targeted were often on social security or had poor credit ratings.

"Those who were not able to repay were then threatened and intimidated."

AAP rl/ch/snp

KEYWORD: LOANSHARK

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