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Loan shark targeted casino customers

Author
Hannah Bartlett,
Publish Date
Mon, 5 Oct 2015, 12:49PM

Loan shark targeted casino customers

Author
Hannah Bartlett,
Publish Date
Mon, 5 Oct 2015, 12:49PM

A loan shark who targeted people at SkyCity Casino and charged exorbitant interest rates is banned from lending.

Yuan Rong Yang has been lending for 17 years, and has been fined $22,500 after appearing today in Auckland District Court.

Judge Mary Sharp described him as an "unscrupulous lender", ordering him to pay an additional $3000 to the complainant.

The complainant had been charged an annual interest rate equating to 260 percent, owing Yang $15,000 and $870 per week in interest.

Yang admitted to personally loaning money to seven customers, without documentation, often lending to members of the Chinese community.

 

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