Scott Tucker, the former owner of Level 5 Motorsports, had it all…a top-tier road racing outfit, American LeMans championship, a private jet, a garage of top-tier cars and enough money in the bank to fund it all. Shame, then, that the money he was using to fund the dream was coming from the poor souls who looked to him as a source of a payday loan, where they would wind up being charged between 400-700% interest on the loans. On Friday, January 5th, 2018, the U.S. District Court for the Southern District of New York dropped the book directly onto Tucker’s head. Judge Kevin Castel sentenced Tucker to sixteen years and nine months for charges relating to the actions of his payday loans businesses, which used Native American loopholes and exorbitant interest rates to victimize millions of people out of $1.3 billion dollars in illegal interest payments. His attorney, Timothy Muir, has already been sentenced for his role in the defrauding.
Tucker competed in the Ferrari Challenge, the Rolex Sports Car Series, American LeMans, United SportsCar Championship, the 24 Hours of LeMans, and the SCCA. Unfortunately, racing costs money, real-deal racing like LeMans costs serious money, and the only way one guy from Overland Park, Kansas was going to have that kind of coin on him was via shady dealings of the highest levels of wrong. Forget his racing career…Scott Tucker, as a trusted member of society, is simply done.
If this guy was Living here in Copenhagen, the shit he did would be legal. We have Loan companies here that charge people 800 procent intrest on short term loans. Its easy to get caught up in a bad situation here if you dont read the small stuff at the bottom before you sign it.
There’s a special place in HELL for people like this—-
Scumbag loan shark, trading in his racing suit for prison jumpsuit.
Bottom feeder – plain and simple, and there is plenty out there doing the same or similar.
What a POS.But he only charged you 400 to 700 percent on a short term loan. Go ahead and get pissed off .Put some pen to paper and see that you 4.5 percent mortage really costs you about 200 percent over the course of 30 years . He was just outside of the normal greedy .So he stuck out a little more. Maybe his spinkter will get stretched out 400 to 700 percent in the gray bar hotel
Putting aside the guy I found this quote a pretty nasty example bias:
\”Unfortunately, racing costs money, real-deal racing like LeMans costs serious money, and the only way one guy from Overland Park, Kansas was going to have that kind of coin on him was via shady dealings of the highest levels of wrong. \”
Hmm, I guess youbare saying people from Kansas can\’t be become wealthy legitimately? What about Nebraska? You do realize one of the wealthiest guys in the world lives and grew up in that part of the country..
People who get payday loans know exactly what they are geting into. No sympathy for those who got taken for a ride. This judge went several orders of magnitude too big. It will be overturned on appeal and the only people who will win are the lawyers.
his own defence asked for 15 years, the prosecution asked for 20. Seems like the judge went easy on him.
His problem wasn’t necessarily payday loans (which are crap – but people fall for it), it was doing them in states where it was illegal by claiming that Native Band’s owned the company, not him….
We’ve got a senator here who got to the top the same way.
You obviously don’t know the backstory on this colossal scumbag. You might wish to educate yourself before defending the worst kind of fraud.
https://blackflag.jalopnik.com/read-this-story-of-a-mans-quest-for-revenge-against-the-1821089328