Race car driver Scott Tucker gets more than 16 years for payday lending scheme

[Eugene]

Source: Reuters

#BUSINESS NEWS JANUARY 5, 2018 / 4:20 PM / UPDATED 2 HOURS AGO

Race car driver Tucker gets more than 16 years for lending scheme

Brendan Pierson
3 MIN READ

NEW YORK (Reuters) - A Kansas businessman and race car driver was sentenced to 16 years and 8 months in prison on Friday for crimes related to his online payday lending business, which prosecutors said made more than $3.5 billion as it exploited millions of cash-strapped consumers.

Scott Tucker, 55, was sentenced by U.S. District Judge Kevin Castel in Manhattan. He was found guilty by a jury in October of violating federal truth in lending and racketeering laws.

Tucker did not make a statement at his sentencing, referring instead to a letter he submitted to the court in December. In that letter, Tucker said he was “remorseful” for “the misperception that I do not recognize my responsibility to live as a good and fair business man, employer, and American citizen.”

Castel said the letter showed Tucker had not accepted that his conduct was criminal.

“The notion that Mr. Tucker is just an honest businessman doesn’t fly with me,” he said.

-snip-

Read more: https://www.reuters.com/article/us-usa-paydaylending-crime/race-car-driver-tucker-gets-more-than-16-years-for-lending-scheme-idUSKBN1EU20L

[VMA131Marine]

1. Not his first rodeo

Convicted of mail fraud and making false statements to a bank in 1991. Served a year in Leavenworth.

[Eliot Rosewater]

2. Good they got him now, soon what he did will not only not be illegal but will

be very very common.

you know, elections, consequences, etc.

[Johnny2X2X]

3. Dirty Money

The entire group of these men are sick and disgusting. The irony of them claiming victim hood is totally lost on them.

They victimized millions. Peoples lives were destroyed. I hope they had to sit there through hours of victims’ statements. People died because of their greed.

[Johnny2X2X]

4. Big auto places are almost as bad as payday loans.

These places are awful now. It’s just like payday lending, but combined with the tactics of subprime mortgages.

They get people in the door and even if they have decent credit they tell them they don’t, but that they’ll see if they can figure something out to help them. People end up with 20% interest in a car that has 100,000 miles. Or worse yet, they end up in a lease with an older car.

These places install kill switches on their leases so if you don’t pay your bill they disable your vehicle. I have a friend who got a lease of a 2014 Ford Focus with 90,000 miles for $450 a month. They want to charge her $2500 to get out of the lease.