The trial of Dharam Prakash Gopee concluded today at Southwark Crown Court with the jury returning a guilty verdict to the charges brought by the Financial Conduct Authority (FCA) for offences under the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000.
Mr Gopee described himself as “a lender of last resort” and engaged with consumers who were often vulnerable and in difficult circumstances. He regularly registered charges over the homes of borrowers to enable him to take possession of a property if the borrower failed to pay the debt.
The offences related to Mr Gopee’s operation of money lending businesses from August 2012 to December 2016 despite neither having a consumer credit licence from the OFT, nor any authorisation from the FCA.
During the period from August 2012 to December 2016, he entered into 147 new credit agreements with new consumers, for sums totalling over £1,000,000. He also continued to collect on pre-existing loans with no authorisation to do so, sending ledgers applying high rates of monthly com