Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

AMG Accused of Massive "Deceptive Payday Lending Scheme" By AFR

 


Washington, D.C. – Public Justice, working as counsel to Americans for Financial Reform, announced today that it has won a motion to unseal court documents showing how AMG Services, Inc., the payday lending business owned by magnate Scott Tucker, deceived borrowers about the total amount their loans would cost. The carefully orchestrated scheme netted Tucker and his associates at least $1.32 billion out of the pockets of hard-pressed borrowers.

The documents expose a variety of techniques used by AMG, over a four-year period, to suck borrowers into payment arrangements designed to keep them in prolonged high-cost debt, while deliberately hindering their ability to understand the total fees, timeline, and other terms being imposed on them by default.

http://www.valuewalk.com/2015/12/amg-services-scheme/

 

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