Racer Scott Tucker Ordered To Pay $1.3B For Payday Loans
Law360, New York (October 3, 2016, 8:44 PM EDT) -- Professional auto racer Scott Tucker was ordered Friday to pay the Federal Trade Commission more than $1.3 billion by a Nevada judge for running predatory lending companies.
District Court Judge Gloria Navarro found a number of payday loan companies controlled by Tucker had deceived and overcharged customers in violation of the Federal Trade Commission Act and Truth in Lending Act with Tucker’s full knowledge.
The civil suit sought a $1.3 billion judgment against Tucker and his late brother's estate, alleging they ran a payday lending enterprise for more than 10 years that deceived consumers by materially misstating the cost of loans...
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