Couple fight CAB move to seize almost €1m

A LIMERICK couple, convicted of illegal money lending, will today fight a move by the Criminal Assets Bureau to seize almost €1 million from them.

CAB have applied to seize €920,697 from Brendan and Patricia Wallace of Fernleigh, Corbally, and the case is due for hearing at Limerick Circuit Court.

CAB is seeking €681,320 from Brendan Wallace and a further €239,377 from his wife.

The couple were convicted in January 2007 at Limerick District Court of illegal money lending.

Interest rates on their loans were as high as 30%.

Both received 10-month prison sentences. However, the sentence on Patricia Wallace was lifted by the Circuit Court on appeal in consideration of their young children aged 13, nine and 18 months.

Following a Garda surveillance operation, they were arrested outside Mary Street post office on August 1, 2006.

The couple were seen handing over children’s allowance books to parents who would return to the car in which the Wallaces were seated and hand back the books with sums of money. Nine children’s allowances books were found in the possession of the Wallaces.

Also found was a ledger, an extendable baton, mace spray and a sock with two snooker balls.

A quantity of cash was found in the car boot.

Two of their three children were also in the car.

In a follow-up search of the family home, gardaí found a purse with €2,940 and a stun gun. On going through the ledger, gardaí discovered 43 different names and details of 150 financial transactions.

Passing sentence, Judge Tom O’Donnell in the District Court said the Wallaces were caught red-handed operating a cold, calculated, illegal enterprise that had led to a sad cycle of debt for many people.