Scott Tucker Sentenced to 16 Years, 8 Months in Prison Following Racketeering Conviction for Payday Lending Scheme
This guy is the answer to why we need financial regulations strengthened, not loosened.
Scott Tucker, the Leawood businessman and professional race car driver who built a financial empire through an illegal payday loan enterprise, received a 16-year, 8-month prison sentence on Friday.
Kevin Castel, a judge for the U.S. District Court for the Southern District of New York, nearly split the difference between requests by federal prosecutors for at least 20 years in prison and pleas by Tucker’s lawyers for no more than 15 years.
In October, Tucker, 55, was convicted of 14 criminal counts related to a $2 billion payday lending enterprise that federal prosecutors said exploited 4.5 million consumers through deceptive loan terms and illegal interest rates. Tucker’s conviction came after a five-week jury trial.