An bout of the Netflix show Dirty Money takes a review of Scott Tucker, cash advance business owner of 500FastCash, Ameriloan, and OneClickCash. On January 5, 2018, Tucker received a 16-year, 8-month jail phrase on federal unlawful charges for running an illegal internet payday lending enterprise.
Scott Tucker of 500FastCash, Ameriloan, OneClickCash
Tucker charged their customers 400 percent to 700 % for their payday advances.
These rates far surpass those allowed by states that control payday financing. But Tucker put up their businesses under an Oklahoma Indian tribe, perhaps perhaps not at the mercy of state legislation. Tucker’s usury, but, had not been resistant to federal legislation prohibiting practices that are deceptive.
The Dirty Money profile opens utilizing the repossession of Tucker’s racecar that is prized in a significantly strange IRS seizure. Racecars are towed up a path that is primrose Tucker’s house “museum. ” Tucker made at the very least $400 million from their organizations, owned multiple luxury domiciles and an exclusive jet, and financed a effective racing profession. Their wife laments perhaps maybe perhaps maybe not to be able to purchase vehicle, if she would really like, following the IRS seizes a lot of their assets.
The largest litigated judgment ever obtained by the FTC on October 4, 2016 the FTC won a $1.3 billion judgment against Tucker. Blaine Tucker, Scott’s cousin, committed suicide in 2014. A minumum of one household supporter for the family members think the FTC caused their death.
How a cash advance works
The loan that is payday accumulated around the indegent. And payday advances are considered declasse by a big small fraction associated with the populace that may will never need them.
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