Pa. Inks $3M Deal With Ex-Fintech CEO Over Payday Loans

By Nadia Dreid (April 9, 2021, 8:06 PM EDT) -- The former head of since-dissolved lender Think Finance has reached a $3 million deal with the state of Pennsylvania to end claims that he helped the company get around limits on interest rates in order to dole out illegal payday loans.

Ex-CEO Kenneth Rees will pay $3 million to get out from under the civil case without admitting any wrongdoing for his role leading the company, which the Pennsylvania attorney general's office accused in 2017 of using Native American tribes to avoid state laws curbing interest rates.

The consent decree, which was made public Thursday, limits Rees' ability to work in...

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