Economy
Related: About this forumRace car driver Scott Tucker gets more than 16 years for payday lending scheme
Source: Reuters
Race car driver Tucker gets more than 16 years for lending scheme
Brendan Pierson
3 MIN READ
NEW YORK (Reuters) - A Kansas businessman and race car driver was sentenced to 16 years and 8 months in prison on Friday for crimes related to his online payday lending business, which prosecutors said made more than $3.5 billion as it exploited millions of cash-strapped consumers.
Scott Tucker, 55, was sentenced by U.S. District Judge Kevin Castel in Manhattan. He was found guilty by a jury in October of violating federal truth in lending and racketeering laws.
Tucker did not make a statement at his sentencing, referring instead to a letter he submitted to the court in December. In that letter, Tucker said he was remorseful for the misperception that I do not recognize my responsibility to live as a good and fair business man, employer, and American citizen.
Castel said the letter showed Tucker had not accepted that his conduct was criminal.
The notion that Mr. Tucker is just an honest businessman doesnt fly with me, he said.
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Read more: https://www.reuters.com/article/us-usa-paydaylending-crime/race-car-driver-tucker-gets-more-than-16-years-for-lending-scheme-idUSKBN1EU20L
VMA131Marine
(4,139 posts)Convicted of mail fraud and making false statements to a bank in 1991. Served a year in Leavenworth.
Eliot Rosewater
(31,112 posts)be very very common.
you know, elections, consequences, etc.
Johnny2X2X
(19,066 posts)The entire group of these men are sick and disgusting. The irony of them claiming victim hood is totally lost on them.
They victimized millions. Peoples lives were destroyed. I hope they had to sit there through hours of victims statements. People died because of their greed.
Johnny2X2X
(19,066 posts)These places are awful now. Its just like payday lending, but combined with the tactics of subprime mortgages.
They get people in the door and even if they have decent credit they tell them they dont, but that theyll see if they can figure something out to help them. People end up with 20% interest in a car that has 100,000 miles. Or worse yet, they end up in a lease with an older car.
These places install kill switches on their leases so if you dont pay your bill they disable your vehicle. I have a friend who got a lease of a 2014 Ford Focus with 90,000 miles for $450 a month. They want to charge her $2500 to get out of the lease.