A professional race car driver was recently arrested and charged with criminal accusations for running a scam on millions of desperate individuals. According to reports by ABC News, the race car driver was arrested on Wednesday.
Scott Tucker is a professional race car driver who also acts as a businessman. On Wednesday, authorities caught up with Tucker to arrest him for criminal charges filed against him by those he has conned into using his payday lending operation. He has been accused of living the high life at the expense of his victims' dollars when he launched a get quick cash scheme online.
Tucker is facing an unsealed indictment on charges of conspiracy, understatement of interest rates and collection of unlawful debts. This was for the scheme Tucker made on hounding his victims with interest rates who eventually found themselves swimming in debt after paying 700 percent or more interest on their loans to Tucker and any of his companies.
According to the indictment, Tucker and Timothy Muir (his ex business lawyer) were arrested for having exploited more than 4.5 million people in the US, a majority of which were having struggles to make ends meet with their basic living expenses. The two were said to have been deceiving people by misleading contracts and communications. The indictment also stated that the two men forced these individuals to go into an unending debt cycle wherein they would incur a new usurious payday loan just so they could pay off their existing debt.
Reuters reports that court papers show that thousands of consumers, state regulators, and even consumer protection groups had complained about the practices of the two men. These complaints date back to as far back as 2003 before states started suing to stop the loan practices. As a way out of civil and criminal liability and the lawsuits, Tucker went into a sham business relationship with some Indian tribes. This gave him access to claim that payday lenders were being protected by "tribal sovereign immunity." Because of this immunity, some of the lawsuits filed against Tucker were dismissed.
Tucker operated a lending scheme from 1997 until August 2013, which generated him over $2 billion of revenues between 2003 and 2012 alone. Using this money, the indictment shows how the race car driver spent more than $100 million on personal expenses like luxury homes and vehicles, a private airplane, and professional fees of an auto racing team. The indictment is seeking forfeiture of $2 billion along with six Ferraris, four Porsches, and a Learjet.
Wall Street Journal reports that Tucker was arrested in Kansas City and is set to appear in court in the state. Lawyers for the two men declined to answer comments.
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