Sports car team owner driver Scott Tucker convicted of abusive loan
Scott Tucker, former sports car driver and owner of the Level 5 Motorsports team that competed in the American Le Mans and Grand-Am Sports Car Series, has been convicted by a jury in New York of predatory lending practices. Tucker, 55, along with Tucker’s lawyer and partner Timothy Muir, 46, were convicted on October 13 of all 14 charges against them. Reuters reported that Tucker’s charges included collecting illegal debt in violation of the Federal Racketeering-Influenced and Corrupt Organizations Act and in violation of the Truth in Lending Act. Tucker’s business, according to prosecutors, exploited 4.5 million people between 1997 and 2013, mostly through AMG Services Inc. – lenders operating under the names of Ameriloan and One Click Cash. The companies charged up to 700% interest on the loans and brought in more than $ 2 billion, some of which is believed to have funded Tucker’s racing team.
“As a unanimous jury found today, Tucker and Muir have targeted and exploited millions of struggling ordinary Americans by imposing illegally high interest rates on payday loans, up to 700%.” Manhattan Interim Attorney Joon H. Kim said in a statement. published on October 13 and reported in The Aspen Times. “Tucker and Muir sought to escape their crimes by claiming that this $ 3.5 billion business was in fact owned and operated by Native American tribes. But that was a lie. The jury saw through the lies of Tucker and Muir and saw their business for what it was – an illegal and predatory ploy to take unfair advantage of vulnerable workers living from paycheck to paycheck. “Sentencing is set for January.” The racketeering charges of conspiracy to collect illegal debts each result in up to 20 years in prison, while violations of the Truth in Lending Act each result in one year in prison, ”The Wall Street Journal reported. Tucker, who has a successful parallel career as a racing car driver, may also have to give up assets the government says came from the schemes, including Ferrari and Porsches race cars, a Learjet plane and a house. vacation rental in Aspen, according to court documents. “His vacation home, according to The Aspen Times, is advertised for rent at $ 65,000 per month. Tucker’s Level 5 Motorsports is a four-time American Le Mans Series class champion, and the team (which included Tucker as one of the drivers) won the Rolex 24 Hours of Daytona 2014 in the GT Daytona class. h / t: The Aspen Times, Reuters
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