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Sun Nov 19, 2017, 07:37 PM

Amit Raizada, payday profiteer, hit with $6 million verdict in civil case

Lately, former Kansas City businessman Amit Raizada has been featured in fawning stories by Bloomberg and ESPN’s the Undefeated. Raizada is a partner, along with former Los Angeles Lakers basketball player Rick Fox and former San Diego Sharks owner Stratton Sclavos, in Vision Venture Partners, a Los Angeles–based firm that is investing aggressively in esports.

Many of us back in flyover country remember Raizada differently.

He first turned up on The Pitch’s radar back in 2013, as a character in our series on Kansas City’s morally disgusting but highly lucrative online-payday-lending industry. Raizada’s firm, Spectrum Business Ventures, owned a sizable stake in eData Solutions, a technology company for online lenders founded by Joel Tucker, brother of recently convicted Scott Tucker. In 2012, eData was sold to Wyandotte Nation, an American Indian tribe, for $277 million. By the time Raizada and his wife divorced, in 2014, their estate was valued at $90 million.

When the payday bubble burst, Raizada moved to Miami, where he opened a nightclub. It failed. He has since been accused of all manner of financial skullduggery: self-dealing through shell companies, fraudulent land deals in Mexico, lying to investors in Verizon Wireless stores he purchased in St. Louis. We've written all about it.

Read more: https://www.pitch.com/news/blog/20981820/amit-raizada-payday-profiteer-hit-with-6-million-verdict-in-civil-case

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