SAN DIEGO (CNS) - A Poway woman pleaded guilty Thursday to a misdemeanor count of operating a loan sharking business and was immediately sentenced to probation and ordered to repay her victims nearly $24,000 in restitution.
Lirio Lee Ramos, 56, loaned money to co-workers at exorbitant interest rates that exceeded 480 percent per year, according to the San Diego City Attorney's Office.
According to a criminal complaint, the illegal activities happened between May 2009 and December 2010.
Prosecutors said they received a complaint that Ramos was trying to enforce debts that appeared to carry unlawfully high interest rates.
The city attorney's investigation revealed that Ramos loaned money to financially strapped co-workers, many of whom were dealing with personal emergencies, between May 2009 and December 2010, charging a minimum of 20-30 percent interest that she compounded every two weeks.
According to City Attorney Jan Goldsmith, Californians may make personal loans to friends and family members, who in turn may use those loans for personal, family or household purposes, but only at an annual interest rate of 7-10 percent.
Businesses engaged in the lending business, like banks and credit card companies, are regulated in other ways and are not subject to the 10 percent interest-per-year cap, Goldsmith said.
The swap meet is a bargain hunter's paradise, but how do 'do-it-yourselfers' refurbish and sometimes resell their great finds at a flea market?
San Diegans got a chance to hear from the Public Utilities Department about concerns about their soaring water bills Wednesday evening.
A 19-year-old San Diego man was behind bars Wednesday in connection with last summer's stabbing death of a well-liked transient in downtown Ocean Beach.
Due to inclement weather, the Warner Unified School District on Wednesday night announced its schools will be closed on Thursday, February 22.
A La Jolla physician was killed Wednesday when his private plane plunged into a Kearny Mesa construction site shortly after takeoff from Montgomery Field.
It's not often you look up into the sky and see something that blows your mind. In Wednesday's Zevely Zone, Jeff's goes to Moonlight Beach to meet the "Bubble Man."
Students at Eastlake Middle School have something to look forward to after the school launched “Outdoor Grill Meals” during lunch on Monday.
Ten lawsuits were filed Wednesday statewide - one of them in San Diego - by consumers who say they suffered burns when batteries in their e-cigarettes exploded.
After another very cold morning clouds will increase Wednesday afternoon. This will lead to a few light showers west of the mountains.