A CONVICTED illegal money-lender from Glasgow has had thousands confiscated at Glasgow Sheriff Court.
Colin Morrison (47) was sentenced to 15 months imprisonment on April 27 for lending money, without a licence and at high rates of interest, to vulnerable people.
Victims were charged interest of around £3 per week for every £10 lent – an annual percentage rate of more than 700,000 per cent.
Offences were committed over a period of six years with two of Morrison’s victims fleeing from Glasgow to escape him and other money-lenders.
On conviction the court ordered the forfeiture of £7,230.15 in cash recovered from Morrison’s property.
In addition a confiscation order was made against him under the Proceeds of Crime Act for an additional £7574.16 which has now been seized.
The confiscation was based on all of Morrison’s assets which the Crown is aware of at present.
This will continue to be reviewed and if additional assets come to light a new application will be made to the court to vary the confiscation order accordingly.
Money recovered under the Proceeds of Crime Act is invested in community projects aimed at alleviating the effects of crime.