Trading watchdogs have issued a warning to would-be moneylenders.
In the summer Martin Francis Le Moignan, who lives in Peel, was fined £2,000 and ordered to pay costs of £500 after pleading guilty to operating an illegal moneylending business.
Despite having had his application for registration as a moneylender rejected by the OFT, Le Moignan had made illegal loans to members of the Filipino community.
An investigation by the OFT led to this prosecution.
Le Moignan’s moneylending business was also investigated by the Financial Crime Unit under the Proceeds of Crime Act 2008 and last month it was declared in court that he had benefited from the proceeds to the value of £99,117.
This sum was made the subject of a confiscation order, with a custody term of two years in default.
Mike Ball, chief officer at the OFT, said: ‘While we might have apprehended the only illegal moneylender in the island, it is probably unrealistic to believe that to be the case.
‘Illegal moneylending is a serious offence and is a priority for enforcement action. We would urge anyone involved in illegal moneylending to stop now and write off outstanding debts, or face the consequences.’
A register of fit and proper moneylenders is maintained by the OFT.
Mr Ball added: ‘This should leave criminals in no doubt that we will go down the proceeds of crime route if we believe that they have significantly benefited from their crimes.
‘In addition to illegal moneylenders, I am talking about other rogue traders, for example; traders selling counterfeit goods, including those selling falsely branded items via social media, cowboy builders and traders supplying “clocked” vehicles.
‘They are all in our sights.’