Man admits illegal money lending after charging up to 1,303% interest

A 69-year-old man has pleaded guilty at Cardiff Crown Court for running an illegal money lending operation and laundering proceeds of crime.

Jonathan Mark Barry, a former postmaster in Killay, Swansea, pleaded guilty to the offences of illegal money lending and money laundering following an investigation by Stop Loan Sharks Wales.

The investigation into Barry began after Stop Loan Sharks Wales received intelligence indicating that he was illegally lending money, commonly referred to as loan sharking.

In July 2024, officers executed search warrants at his home and at the Killay News and Post Office. During the searches, they discovered £37,000 in cash, along with high‑value luxury items including a gold watch, a diamond bracelet and several gold bars.

Through his financial records, it was uncovered that Barry was a prolific loan shark and had been operating over a long period of time.

Investigators were able to identify approximately 120 victims that had been exploited by Barry across a fourteen-year period.

Bank records revealed that he had issued approximately £130,000 in unlawful loans and had received more than £344,000 in repayments and unexplained cash deposits.

He charged interest rates ranging from 20% to an astonishing 1,303%, leaving many victims with little or no money to live on after making their repayments to Barry.

Christina Hill, Head of Shared Regulatory Services, stated: “Barry used his position as a trusted postmaster at the heart of his community to take advantage of people who believed they could rely on him.

“Many of those who turned to him were already facing difficult circumstances, and instead of offering genuine help, he drew them into a cycle of debt, worry and financial strain.

“At Stop Loan Sharks Wales, we have been working closely with those affected to make sure they receive support, clear guidance and the protection they deserve as they begin to move forward.

“No one should ever feel they have to turn to an illegal lender, and we remain committed to standing up for victims and taking firm action against anyone who seeks to exploit them.”

Barry pleaded guilty on 21 April 2026 to illegally lending money without a licence between 2010 and 2014, continuing to do so without authorisation until 2024, and to acquiring criminal property from the proceeds.

A sentencing hearing will take place at a later stage.