Fed Judge Fines Leawood Payday Loan Mogul Scott Tucker & Others $1.266 Billion
Most of these miserable mewling payday loan pukes need to face criminal charges as well.
The judgment found that consumers of Tucker’s payday loan businesses were harmed because of the misleading loan terms that the FTC said caused recipients of a $300 loan to be on the hook for $975 due to poorly crafted loan disclosures and automatic repayment schedules.
“Here, Scott Tucker did not participate in an isolated, discrete incident of deceptive lending, but engaged in sustained and continuous conduct that perpetuated the deceptive lending since at least 2008,” Navarro wrote in her ruling.
Friday’s judgment comes as the largest penalty to date among several payday loan figures in the Kansas City area, which has become a nerve center for the industry. In a separate case, an administrative law judge last week recommended that Mission Hills businessman James Carnes pay $38.2 million in restitution, along with a $5.4 million civil penalty, for his role in running Integrity Advance, another payday loan operation accused by the Consumer Financial Protection Bureau of duping its consumers.