Loan shark who charged 2,000 per cent interest jailed

A LOAN shark who terrorised Failsworth victims has been jailed — the first case in Oldham brought to justice through a new illegal money lending team.

John Kiely (36) was branded ruthless by the judge who jailed him for five years at Manchester Minshull Street Crown Court.

Kiely, known as “Johnny Boy”, was convicted of blackmail and illegal money lending by a jury last month.

He charged as much as 2,437 per cent interest on loans and used an army of enforcers to collect debts owed by poor families on housing estates in Failsworth, Newton Heath, Moston and Bradford Park.

One family who borrowed money to pay for a wedding were told they would be shot unless they met his interest payments of between 433 per cent and 2,437 per cent a year,

Yesterday, Judge Adrian Smith told multi-millionaire Kiely: “It’s clear to me you are a ruthless individual who has displayed a high degree of criminal sophistication.”

After the verdict, head of Oldham Trading Standards Tony Allen told Failsworth councillors: “This is the first case affecting Oldham that has been brought to justice through the illegal money lending team.

“Trading Standards is collaborating across the North-West, in partnership with the Government to tackle this complex, but devastating, criminal activity.

“Kiely preyed on the most vulnerable families, making almost £3 million profit by charging interest rates over 2,000 per cent.

“Kiely ran Millennium Finance UK Ltd on Monsall Road in Newton Heath, but was far from a legitimate financial operator.

At the time of his arrest, he had over 900 illegal loans outstanding amounting to more than £800,000.

He had financed a lifestyle that enabled him to buy a seven-bedroom, mock-Tudor, home in the Derbyshire Dales.”

One of his victims, Donna Ockerby (45), said she was left fearing for her life and was forced to move to a secret location to escape him.

Kiely was convicted of two counts of blackmail for his actions towards her.

He was also convicted of acquiring criminal property, two counts of concealing, disguising, converting or transferring criminal property, and two counts of unlawfully failing to give notice of a change in circumstances.

At an earlier hearing, Kiely also admitted five counts of illegal money lending.

Failsworth West councillor Jim McMahon said: “This is a fantastic result for the people whose lives were wrecked by this ruthless operator.

“We can not let our guard down. Someone will soon fill his place and we need to be clear there is no place for loan sharks here.”

Tony Quigley, from Trading Standards North-West’s illegal money-lending team, welcomed Kiely’s prison sentence and urged people to approach credit unions rather than loan sharks.