zzdcar
Home
/
Reviews
/
Racing
/
Indicted Payday Loan Racer, Others Owe Nearly $1.3 Billion For Lending Scheme
Indicted Payday Loan Racer, Others Owe Nearly $1.3 Billion For Lending Scheme-October 2024
2024-02-19 EST 22:11:28

A federal judge ruled on Friday that former American Le Mans Series champion Scott Tucker, whose indictment said he , and others involved in the scheme owe the Federal Trade Commission $1.266 billion for systematically deceiving customers.

According to the , the basis for the judgement was misleading terms presented with the payday loans. The Kansas City Star reports that the FTC said the “poorly crafted loan disclosures and automatic repayment schedules” associated with Tucker’s loans would put recipients of a $300 loan on the hook for $975. The ruling by Nevada federal judge Gloria Navarro also prohibits Tucker from future participation in the lending business.

The figure of $1.266 billion is slightly lower than Tucker’s February indictment accused him of having customers overpay, which valued overpayment at $1.32 billion. As for the others who owe the FTC a chunk of the $1.266 billion, here’s a list from the Kansas City Star:

Navarro’s $1.266 billion order affects Tucker, the estate of his brother Blaine, and various corporate entities under their control, including AMG Capital Management, Black Creek Capital Partners, Level 5 Motorsports, LeadFlash Consulting and Broadmoor Capital Partners.

Navarro also ordered Tucker’s wife to pay the FTC $19 million, an amount that represents money she acquired from the lending businesses. And an entity Tucker controls called Park 269, which owns the couple’s Aspen residence, was also ordered to pay $8 million to the FTC.

The Kansas City Star reports that Tucker also faces criminal charges in the state of New York, which . That’s right—according to the indictment, Tucker exceeded New York’s interest-rate limits by 675 percent with his payday loans.

The criminal charges come after a grand jury accused Tucker in February of exploiting 4.5 million customers with a payday-loan enterprise worth $2 billion. From the Kansas City Star:

Tucker’s attorney was not immediately available for comment on Saturday. He had denied wrongdoing in the FTC case and has pleaded not guilty to the criminal charges against him. That trial is scheduled for April 2017.

Despite an asset freeze in March, Tucker full of “spa, steakhouse, country club and liquor purchases” through Aug. 31, and his lawyers asked for him to be able to live off of that amount for the duration of the year. The FTC said no, and Tucker reportedly withdrew extra money throughout his period of living off of $8,000 each month.

In September, the Kansas City Star reported that Navarro would consider giving Tucker an allowance again should the family be able to demonstrate that they lack the resources for basic living expenses.

Comments
Welcome to zzdcar comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Racing
Kimi Räikkönen Is Not Impressed With This Roller Coaster
Kimi Räikkönen Is Not Impressed With This Roller Coaster
While in Abu Dhabi, Ferrari unleashed their two 2014 season drivers, Fernando Alonso and Kimi Räikkönen, on Ferrari World's Formula Rossa roller coaster. This may be the world's fastest roller coaster, but Kimi is not impressed. Watch everyone's favorite no-nonsense Finn blank-facedly bob his head back and forth as the...
Oct 14, 2026
This Air-Cooled Flat Six Dragster Sounds So, So Good
This Air-Cooled Flat Six Dragster Sounds So, So Good
Three liters, 380 horsepower, and a 9000 rpm redline. Those are the specs for this Corvair flat six. Now listen to how it sounds. This naturally-aspirated Corvair-powered dragster runs the quarter in 8.82 at 145 mph, but who cares when it sounds this good. has a great writeup detailing the...
Oct 14, 2026
Spectacular Crash In Brazil Gave Mark Webber Bruising And A Concussion
Spectacular Crash In Brazil Gave Mark Webber Bruising And A Concussion
Mark Webber was sore, but awake enough to release a statement following yesterday's. Webber is sore and recovering fine, although he has no recollection of the accident. Doctors say that the impact gave him a concussion. Webber had this to say in a from Porsche this morning: I'm quite sore...
Oct 14, 2026
Holden Versus Who? Ford Australia Out Of V8 Supercars After 2015
Holden Versus Who? Ford Australia Out Of V8 Supercars After 2015
One of the two marques synonymous with Australian V8 Supercar racing confirmed today that they will be from the Ford Performance Racing team after 2015. Their withdrawal from the sport is indefinite, and the world of racing is a sadder place as a result. Ford isn't pulling the plug on...
Oct 14, 2026
Toyota Dons Celebratory Hachimaki for WEC Season Win
Toyota Dons Celebratory Hachimaki for WEC Season Win
Keeping with other manufacturers' theme of , the Toyota World Endurance Championship team broke out some sweet hachimaki to commemorate their 2014 LMP1 Manufacturer's Championship win. The hachimaki is a headband that symbolizes perseverance and courage by the wearer in Japanese culture. Sounds very fitting for an endurance racing team...
Oct 14, 2026
Huge Crash Crumples Mark Webber's Porsche 919 Into A Little Fiery Ball
Huge Crash Crumples Mark Webber's Porsche 919 Into A Little Fiery Ball
A massive crash took Mark Webber in the number 20 Porsche out of the race in the last hour of the World Endurance Championship's 6 Hours of São Paulo. The Porsche 919 collided with Matteo Cressoni in the number 90 Ferrari 458 of 8 Star Motorsports, then hit the wall....
Oct 14, 2026
Copyright 2023-2026 - www.zzdcar.com All Rights Reserved