Payday Lenders Face Multi-Billion Dollar RICO Charges, With Feds Citing 4.5 Million Americans Abused

by Chris Reeves – Richard Moseley Sr. and Scott Tucker thought they had a good thing going. Their plan was simple: charge desperate clients outrageous interest rates and use a Native American tribe as cover. But today in New  York, the two Kansas City based racketeers found themselves facing FBI agents, charging them with their involvement in a scheme to defraud and scheme some 4.5 Million Americans out of billions of dollars. More than 600 Kansas residents worked for Tucker’s enterprise, which reached out to a few millions of Americans and made himself and his partner, Richard Moseley, quite rich. In the indictment, Tucker, a Leawood, Kansas resident is asked to forfeit $2 BILLION dollars worth of collected assets he managed to horde from the results of his plan to steal from the poor. Among the items the fed demanded control of beyond money: six Ferraris, 4 Porsche cars & SUVs,...

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Tribal payday lender can’t sidestep consumer laws, court rules

By David Heath, The Center for Public Integrity A federal judge has ruled that payday lenders must obey consumer-protection laws even if they are affiliated with Indian tribes. The March 7 ruling by U.S. District Judge Gloria Navarro of Nevada was a huge blow to a payday lending business run by Scott Tucker, who has used his earnings to finance a professional race-car team. The Center for Public Integrity, in collaboration with CBS News, exposed Tucker’s involvement in a business called AMG Services in a series of stories in 2011. The Federal Trade Commission is suing Tucker, alleging that he was making loans over the Internet using illegal and deceptive claims. Regulators in several states pursued Tucker for years but he was able to elude them after selling his business to the Miami and Modoc tribes of Oklahoma and the Santee Sioux tribe of Nebraska. Tucker continued to manage the...

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