Scott Tucker found guilty of running criminal payday loan empire
Nobody on Wall Street has gone to prison for the outrageous and plainly criminal behavior that destroyed the world economy in 2008, but take comfort in this late-Friday-afternoon news: Kansas City's very own Scott Tucker has been found criminally guilty of running an illegal $2 billion payday-loan business.
Tucker and his attorney, Timothy Muir, have been on trial for the last month in the Southern District of New York. They faced a smorgasbord of criminal counts — money laundering, fraud, racketeering, and illegal debt collection — related to the payday-lending operation Tucker started more than fifteen years ago in Overland Park, Kansas. Today, it took a jury only five hours to deliver guilty verdicts against Tucker and Muir on all 14 counts.
We've, uh, been waiting this one out for a while now.
"As a unanimous jury found today, Scott Tucker and Timothy Muir targeted and exploited millions of struggling, everyday Americans by charging them illegally high interest rates on payday loans, as much as 700 percent," Joon H. Kim, acting Manhattan U.S. Attorney, said in a statement. "Tucker and Muir sought to get away with their crimes by claiming that this $2 billion business was actually owned and operated by Native American tribes. But that was a lie. The jury saw through Tucker and Muir’s lies and saw their business for what it was — an illegal and predatory scheme to take callous advantage of vulnerable workers living from paycheck to paycheck.”
Yep, pretty much!
Read more: http://www.pitch.com/news/blog/20979269/scott-tucker-found-guilty-of-running-criminal-payday-loan-empire
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