Category Archives: personal loans installment payments

Jury convicts race-car motorist, part-time Aspen resident, of predatory lending

Rick Carroll

A race-car motorist whom utilized ill-gotten gains through a payday-lending scheme to purchase an Aspen home had been discovered accountable by a jury in nyc for participating in predatory financing methods that charged borrowers interest rates because high as 700 %.

A declaration given because of the U.S. Attorney’s workplace when it comes to Southern District of the latest York stated a jury convicted Scott Tucker, 55, on all 14 counts brought against him carrying out a five-week test in Manhattan. Additionally convicted in the exact same costs ended up being Tucker’s company associate and lawyer Timothy Muir, 46. Both come from Kansas.

“As an unanimous jury discovered today, Scott Tucker and Timothy Muir targeted and exploited scores of struggling, everyday Americans by asking them illegally high interest levels on payday advances, up to 700 %,” Acting Manhattan U.S. Attorney Joon H. Kim stated in a declaration granted Friday. “Tucker and Muir desired to have away along with their crimes by claiming that this $3.5 billion company had been really owned and operated by Native American tribes. Continue reading