When this loan shark was exposed exploiting remote Aboriginal Australians he made the news headlines across Australia.
He has since been to court and been found guilty. But from what I could find it was only the Kalgoorlie and Perth ABC that reported on the sentencing of this crook
“It’s an important case really Australia wide, in a sense of taking action against people who are targeting aboriginal consumers” – Gary Newcombe, Consumer Protection.
He received a $9000 fine (maximum penalty is a fine of $10000) and ordered to pay $24000 in court costs.
And he obviously felt remorse for his actions:
“$34,000 lighter, that’s how I feel,”
Tomarchio decided to represent himself and declared himself unfit to stand trial due to epileptic fits that affect his memory. The magistrate ordered a neuropsychiatric assessment which found his claim was…. well…. not substantiated.
Evidence showed that people had no idea how much money he had taken from their account to pay back loans. As the ABC reported:
But, one of his own witnesses admitted under cross-examination that he thought Mr Tomarchio had taken $2,000 to $3,000 out of his account despite financial records showing the lender had taken more than $12,000.
But the man is misunderstood. He’s a good Samaritan. From the same report:
Mr Tomarchio told the court he was providing a service to help underprivileged Aboriginal people in Laverton.
He said he was not a moneylender but a concerned Australian worried about his fellow citizens.
The good news is that along the way Consumer Protection was going to return the $150,000 to the 229, mainly very remote people who borrowed money from Sam Tomarchio. This was one year of fleecing people (Jan 2009-Jan 2010).
Tomarchio in his final submission said he was not operating a money lending business (he charged 50% interest so what was it?)…
he never believed helping starving human beings would see him in the situation he was now facing.
Poor Mr Tomarchio.
I have updated the news links at Sam Tomarchio Loan Shark – Link to News Articles
I have written twice previously about Tomarchio when he was initially arrested and again when some loon came out in support of his actions.
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