Feds Arrest Heads Of Two Significant Online Payday Loan Operations

Feds Arrest Heads Of Two Significant Online Payday Loan Operations

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Feds Arrest Heads Of Two Significant On The Web Payday Loan Operations

Back June 2014, Consumerist revealed readers just what could have been the scammiest cash advance we’d ever seen. Today, federal authorities arrested the guy behind the organization, AMG Services — together with his attorney and another, unrelated, payday loan provider — for allegedly operating online payday lending operations that exploited a lot more than 5 million customers.

The U.S. Attorney’s workplace for the Southern District of the latest York announced the arrests today of Scott Tucker, the person behind AMG Services, and their attorney Timothy Muir for unlawful actions associated with running a $2 billion payday lending enterprise that “systematically evaded state regulations.”

Based on the DOJ indictment PDF, the payday that is online operation — which did business as Ameriloan, advance loan, One Simply Simply Click money, Preferred Cash Loans, United Cash Loans, US FastCash, 500 FastCash, Advantage money Services, and Star money Processing — charged unlawful rates of interest because high as 700% and accumulated vast sums of bucks in undisclosed costs from customers, including those who work in states with laws and regulations that club interest levels more than 36%. Continue reading “Feds Arrest Heads Of Two Significant Online Payday Loan Operations”