Alleged loan shark in dock

A pay-day lender allegedly targeting vulnerable consumers is being prosecuted by the Commerce Commission. South Auckland-based Twenty Fifty Club and its sole director Gavin John Marsich appeared Manukau District Court on April 26. 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 matter was adjourned until May 15 when a trial date will be set. It is not known whether 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 against the company and Marsich show practices targeting vulnerable consumers. She warns: “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 legal obligations. Cases like this serve as a reminder for consumers to contact us if they have concerns about lenders.” Marsich is also being prosecuted by the police for allegedly threatening a debtor with a meat cleaver when trying to collect overdue loans.