Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

TexasTowelie

(111,316 posts)
Wed Oct 18, 2017, 06:15 AM Oct 2017

Scott Tucker found guilty of running criminal payday loan empire

Nobody on Wall Street has gone to prison for the outrageous and plainly criminal behavior that destroyed the world economy in 2008, but take comfort in this late-Friday-afternoon news: Kansas City's very own Scott Tucker has been found criminally guilty of running an illegal $2 billion payday-loan business.

Tucker and his attorney, Timothy Muir, have been on trial for the last month in the Southern District of New York. They faced a smorgasbord of criminal counts — money laundering, fraud, racketeering, and illegal debt collection — related to the payday-lending operation Tucker started more than fifteen years ago in Overland Park, Kansas. Today, it took a jury only five hours to deliver guilty verdicts against Tucker and Muir on all 14 counts.

We've, uh, been waiting this one out for a while now.

"As a unanimous jury found today, Scott Tucker and Timothy Muir targeted and exploited millions of struggling, everyday Americans by charging them illegally high interest rates on payday loans, as much as 700 percent," Joon H. Kim, acting Manhattan U.S. Attorney, said in a statement. "Tucker and Muir sought to get away with their crimes by claiming that this $2 billion business was actually owned and operated by Native American tribes. But that was a lie. The jury saw through Tucker and Muir’s lies and saw their business for what it was — an illegal and predatory scheme to take callous advantage of vulnerable workers living from paycheck to paycheck.”

Yep, pretty much!

Read more: http://www.pitch.com/news/blog/20979269/scott-tucker-found-guilty-of-running-criminal-payday-loan-empire

5 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Scott Tucker found guilty of running criminal payday loan empire (Original Post) TexasTowelie Oct 2017 OP
Any idea.. cannabis_flower Oct 2017 #1
From DOJ press release: TexasTowelie Oct 2017 #2
Thanks, but didn't know who he is so I google him. safeinOhio Oct 2017 #3
Hope he goes to prison. Repubs would call this a "free market." nt Honeycombe8 Oct 2017 #4
He was sentences to 16 years. TexasTowelie Jul 2019 #5

TexasTowelie

(111,316 posts)
2. From DOJ press release:
Wed Oct 18, 2017, 08:42 AM
Oct 2017

From at least 1997 until 2013, TUCKER engaged in the business of making small, short-term, high-interest, unsecured loans, commonly referred to as “payday loans,” through the Internet. TUCKER’s lending enterprise, which had up to 1,500 employees based in Overland Park, Kansas, did business as Ameriloan, f/k/a Cash Advance; OneClickCash, f/k/a Preferred Cash Loans; United Cash Loans; US FastCash; 500 FastCash; Advantage Cash Services; and Star Cash Processing (the “Tucker Payday Lenders”).

https://www.justice.gov/usao-sdny/pr/scott-tucker-and-timothy-muir-convicted-trial-35-billion-unlawful-internet-payday

Latest Discussions»Region Forums»Missouri»Scott Tucker found guilty...