FBI arrests race car driver in massive payday lending scheme

[Eugene]

Source: Reuters

A professional race car driver was arrested by the FBI on Wednesday after U.S. regulators previously accused him of engaging in a massive scheme to deceive payday lending customers, a spokeswoman for the bureau said.

Scott Tucker, who competes on U.S. and European circuits and had been the target of an investigation by federal prosecutors in New York City, was arrested in Kansas City, Kansas, along with one of his lawyers, Timothy Muir.

Their arrests were confirmed by Kelly Langmesser, a spokeswoman for the Federal Bureau of Investigation, and followed a probe related to payday lending entities that authorities said Tucker controlled, including AMG Services Inc.

[font size=1]-snip-[/font]

The arrests followed a related lawsuit filed in 2012 by the Federal Trade Commission that sought $1.32 billion from Tucker and the estate of his deceased brother, a sum it said equaled what consumers paid beyond the disclosed cost of their loans.

[font size=1]-snip-[/font]


Read more: http://www.reuters.com/article/us-usa-paydaylending-crime-idUSKCN0VJ1R7

---

World | Wed Feb 10, 2016 10:57am EST
NEW YORK | BY NATE RAYMOND

[Human101948]

1. These are the guys that give loan sharking a bad name...

Some kneecaps need to be busted.

[HooptieWagon]

2. Who the hell is he?

I follow car racing a bit...never heard of the guy.

I am reminded a bit of sports car racing back in the later 70s and early 80s. Several of the teams were funded by drug smuggling...not the factory teams mind you, but privateer teams. They were so well funded they had bigger budgets than the factory teams, and beat them.

[Eugene]

3. Here's his Wikipedia page

https://en.wikipedia.org/wiki/Scott_Tucker_%28racing_driver%29

[HooptieWagon]

5. Thanks.

Sportsccar racer, in a class below the top pros.

[ToxMarz]

8. He's a rich wall street bankster that can afford to purchase race cars

So that of course earns him the moniker of Race Car Driver. It's a vanity race circuit.

[HooptieWagon]

10. The class he's in, yes. I looked.

The other classes have some pretty good professional drivers. And even in his class, the teams bring in professional ringers as co-drivers in the longer races. But yeah, he's just a rich guy who bought himself a race car.

[Red Oak]

4. Yet Goldman Sachs pays a $5.1B FINE

For their misdeeds and not a single Goldman Sachs employee is headed to jail.

Race car driver, total scam of $1B - Go to jail buddy.

Goldman Sachs - Take down the world's economy, pay a $5.1B fine, no one goes to jail or even has charges against them and it's all better now 'cause Hillary (and Obama) said "cut it out".

[navarth]

6. true dat.

[d_legendary1]

7. Bernie Madoff got jail time too!

Its always the small fry that go to the big house. The big dogs go to the White House to break bread with their investments.

[elmac]

9. They need to go after the whole industry

getting away with charging 200% interest rates.

[FairWinds]

11. Pretty Much All Payday Loans are Predatory . .

That service can and should be provided by local credit unions.

Read "Broke USA" by Gary Rivlin

[airplaneman]

12. And the post office should be allowed in the game with only a small fee. n/t.

[FairWinds]

13. Absolutely !!