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

Feds arrest two KC-area men in $2B payday lending enterprise

 


A Leawood payday lending mogul and his attorney were arrested Wednesday after being indicted on federal counts including racketeering and violations of the Truth in Lending Act.

The criminal indictment, from the Southern District of New York, alleges that Scott Tucker ran a $2 billion nationwide payday lending operation that “systematically evaded state laws” to charge illegal interest of as much as 700 percent and collect hundreds of millions of dollars in undisclosed fees, according to a release. Tucker, who was arrested in Kansas City, Kan., also is a professional race-car driver.

http://www.bizjournals.com/kansascity/news/2016/02/10/payday-lending-walker-moseley-indictments.html

 

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