Shopkeeper was defrauded out of £5.5k by broker

A MAN who acted as a “broker” to negotiate a loan for the owner of a convenience store stole more than £5,500 from the shopkeeper, a court has heard.

- JASON EVANS

Stephen Walker had been given the money in good faith to forward to the loan company but instead kept it and spent it on alcohol and gambling.

Walker's barrister said his client was arranging loans from his family to pay back what he had taken, but a judge at Swansea Crown Court said that, given the defendant's history of dishonest offending, she was sceptical about that claim.

The judge also told the defendant that if he was not telling the truth about having caring responsibilities for his child, he would find himself “in a far more dangerous position”

Matt Murphy, prosecuting, told the court that in late 2022, the owner of a corner shop in Peterborough decided to seek a loan to help with the running of the business and, after discussing the idea with friends who had done something similar, was put in touch with Walker.

The defendant and the shopkeeper spoke over the phone in January 2023, and the following month a £17,000 loan with YouLend was agreed.

The court heard the agreement involved specialised point of sale terminals being installed in the store which would deduct 20% of any sale as repayment on the loan with the remaining 80% going to the shop.