Alleged loan shark in court
ComCom prosecuting pay-day lender allegedly targeting vulnerable consumers. Meat cleaver involved.
A South Auckland pay-day lender allegedly targeting vulnerable consumers is being prosecuted by the Commerce Commission.
Twenty Fifty Club and its sole director Gavin John Marsich – who is facing separate criminal charges for allegedly threatening a debtor with a meat cleaver – appeared today in the Manukau District Court.
The 17 charges laid include falsely claiming to be a registered financial services provider and member of the Financial Services Complaints dispute resolution scheme, charging unreasonable default and establishment fees and illegally repossessing a debtor’s vehicle.
The case was adjourned until May 15 when a trial date will be set. It is not known whether Mr Marsich entered a plea.
The commission began investigating Twenty Fifty Club in December 2013 after receiving a complaint from the public.
Commissioner Anna Rawlings says the charges laid against Twenty Fifty Club and Mr Marsich show lending practices that are targeting vulnerable consumers.
“We are paying close attention to lenders in vulnerable communities and won’t hesitate to prosecute anyone we believe is charging unreasonable fees, misrepresenting debtors’ rights and attempting to circumvent their own legal obligations. Cases like this serve as a timely reminder for consumers to contact us if they have concerns about lenders.”
Mr Marsich is also being prosecuted by police for allegedly threatening a debtor with a meat cleaver when attempting to collect overdue loans, with a trial set for June.
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Alleged loan shark in court
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