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Scott Tucker Sentenced to 16 Years for prohibited Payday Loan Practices

Scott Tucker Sentenced to 16 Years for prohibited Payday Loan Practices

An bout of the Netflix series Dirty Money takes a have a look at Scott Tucker, payday loan business owner of 500FastCash, Ameriloan, and OneClickCash. On January 5, 2018, Tucker received a 16-year, 8-month prison sentence on federal criminal costs for running an unlawful internet payday enterprise that is lending.

Scott Tucker of 500FastCash, Ameriloan, OneClickCash

Tucker charged their customers 400 percent to 700 % for their payday advances. These prices far surpass those allowed by states that regulate payday financing. But Tucker arranged their organizations under an Oklahoma Indian tribe, perhaps not susceptible to state law. Tucker’s usury, but, had not been resistant to federal legislation prohibiting practices that are deceptive. The Dirty Money profile opens because of the repossession of Tucker’s prized racecar cars in a significantly strange IRS seizure https://guaranteedinstallmentloans.com/payday-loans-sc/. Racecars are towed up a path that is primrose Tucker’s home “museum.” Tucker made at the very least $400 million from his companies, owned multiple luxury domiciles and an exclusive jet, and financed a successful racing job. Their wife laments perhaps not being able to obtain a automobile, if she would like, after the IRS seizes a lot of their assets.

On October 4, 2016 the FTC won a $1.3 billion judgment against Tucker, the largest litigated judgment ever acquired by the FTC. Blaine Tucker, Scott’s cousin, committed suicide in 2014. At least one family supporter associated with the grouped family members think the FTC caused their death.

How a loan that is payday

The cash advance industry built up around the indegent. And payday advances are considered declasse by a large small fraction for the population that will will never need them.