Owners of Nationwide Internet Payday Lending Enterprise Charged in $2 Billion Fraud Scheme

Owners of Nationwide Internet Payday Lending Enterprise Charged in $2 Billion Fraud Scheme

The owners of a massive internet payday lending enterprise, with 600 employees based in Overland Park, Kansas, have been charged in Payday-loansa $2 billion dollar fraud scheme.

The United States Department of Justice (USDOJ) had charged and arrested Scott Tucker, 53, of Leawood, Kansas, and Timothy Muir, of Overland Park, Kansas, this past week with violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”) and the Truth in Lending Act (“TILA”), that systematically evaded state laws in order to charge illegal interest rates as high as 700% on loans. (more…)