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Sat Feb 25, 2017, 11:35 PM

The FTC says Joel Tucker defrauded his brothers payday-lending company

To Tylor Johnson, it looked like the deal of a lifetime.

The Colorado-based debt broker had been angling for years to buy a debt portfolio from Scott Tucker. In the world of payday loans, Tucker was King Kong. He had pioneered an entire industry — one sturdily rooted in the Kansas City area — by using the internet to make short-term loans at loan-shark interest rates. Tucker turbocharged his profits by structuring his loans so that hidden finance charges could double or triple a $390 principal in a matter of months. And his maze of secretive shell companies had allowed him to largely evade lawsuits and regulation.

It added up to big money: Tucker’s umbrella entity, AMG Services, was estimated to be worth billions.

That also meant that Tucker’s debt portfolios (“paper,” in industry slang) would be worth a mint on the secondary market. It’s common for lenders like AMG to eventually “charge off” delinquent accounts — that is, to bundle defaulted loans into a portfolio and sell it to a third-party debt collector, which attempts to scratch back money from the borrowers. For some reason, though, AMG kept all its accounts in-house. To the great disappointment of debt buyers like Johnson, the biggest online payday lender in the country was stubbornly unwilling to part with its paper.

But Johnson thought he might have an edge. Tucker’s brother Joel Tucker was also active in online lending, and back in 2010, Johnson had bought paper from one of Joel’s entities. Johnson had stayed in touch, partly because he figured a relationship with Joel might eventually open the door to buying Scott’s paper.

Read more: http://www.pitch.com/news/article/20852148/the-ftc-says-joel-tucker-defrauded-his-brothers-paydaylending-company

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Reply The FTC says Joel Tucker defrauded his brothers payday-lending company (Original post)
TexasTowelie Feb 2017 OP
cstanleytech Feb 2017 #1
TexasTowelie Feb 2017 #2

Response to TexasTowelie (Original post)

Sun Feb 26, 2017, 12:10 AM

1. I dont feel an ounce of sympathy for any of them as in my opinion on

the evolutionary ladder debt collectors are below pond scum in a waste treatment facility.

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Response to cstanleytech (Reply #1)

Sun Feb 26, 2017, 12:18 AM

2. I think that I may be a victim of one of these scams.

About ten years I took out a payday loan which was repaid, but to this day I still get harrassing phone calls saying that I owe a debt from 2011 (when I was already unemployed and I know that I did not take out any loans). Whenever I ask for physical proof of the loans the collectors are never willing to send it. The collectors then threaten to sue me and I laugh at them because in Texas there is a four year statute of limitations for collecting debt. I usually tell the debt collector to go ahead and pursue their claim in court because I know that the judge will laugh at them also.

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