Charges against an illegal money lender’s victims to be removed

It’s the latest in several legal proceedings commenced by the regulator against Gopee arising out of his illegal money lending activities.

The move will aid his victims by removing entries registered against their properties by his illegal activities.

The FCA’s executive director of enforcement and market oversight Mark Steward said: “Unauthorised money-lending is a criminal offence and causes serious harm, often to vulnerable communities. 

“Gopee’s offending caused substantial harm to a large number of vulnerable consumers. The order obtained will ensure Gopee’s hold over properties owned by his victims is relinquished, by removing charges, notices and restrictions that he obtained in carrying out his illegal activities and which he continued to hold.”

Between 2012 and 2016, Gopee acted as an illegal lender despite being refused a consumer credit license by the Office of Fair Trading, and without authorisation from the FCA after 1 April 2014. He loaned money to vulnerable consumers at high rates, securing loans against their property - before looking to take possession of consumers’ homes if they failed to pay. 

Over a four year period, his own loan books showed that he issued approximately £1m of new loans and took in at least £2m in payments from old and new consumers, of which none were aware he didn’t have the required consumer credit license.

Whilst the FCA was investigating Gopee’s misconduct, the regulator obtained a restraint order against him in June 2015. It then brought two sets of proceedings against him for contempt of court in relation to repeated breaches of that restraint order, and in April 2016 was found to be in contempt and imprisoned for a term of 18 months. 

He was released early by the court, however he went on to commit various additional breaches. Further proceedings were brought against him and he was imprisoned for a term of 15 months in October 2017.

In February 2018, and following the FCA’s investigation, Gopee was convicted and sentenced to an additional three and half years’ imprisonment for offences under the Consumer Credit Act and the Financial Services & Markets Act. 

The FCA then secured a confiscation order against Gopee worth more than £5m, with him also ordered to pay almost £230,000 in compensation to consumers. Additionally, he  continues to be subject to a Serious Crime Prevention Order, which imposes financial restrictions upon him for five years.