The following is an item you don’t see every day. The government busted some richer-than-God crook. All too often, those types get away with their shenanigans indefinitely – one set of laws for them, another for us. Well, this time it’s different. This is the best news since Bernie Madoff got busted for his Ponzi scheme.
The Justice Department reported the following:
Joan Loughnane, the Acting Deputy United States Attorney for the Southern District of New York, announced today that SCOTT TUCKER was sentenced to 200 months in prison for operating a nationwide internet payday lending enterprise that systematically evaded state laws for more than 15 years in order to charge illegal interest rates as high as 1,000 percent on loans.
So he’s getting sixteen years and eight months in the can. If I’d been the judge, I might’ve been a little harsher. Still, that’s great work!
TUCKER’s co-defendant, TIMOTHY MUIR, an attorney, was also sentenced, to 84 months in prison, for his participation in the scheme. In addition to their willful violation of state usury laws across the country, TUCKER and MUIR lied to millions of customers regarding the true cost of their loans to defraud them out of hundreds, and in some cases, thousands of dollars.
Paying interest is a sucker deal, especially if it’s just to get by. Hopefully, one day Social Credit will be an alternative for mortgages. However, what he did goes well beyond typical bankster stuff.
The worst kinds of loans are those with an exorbitant interest rate, such as title loans and payday loans. The people who get them typically are impoverished, desperate, and maybe not very good at math. Never get suckered into something like that. Those people already have problems, and end up with worse ones after getting swindled. Simply put, it’s exploitation.
Further, as part of their multi-year effort to evade law enforcement, the defendants formed sham relationships with Native American tribes and laundered the billions of dollars they took from their customers through nominally tribal bank accounts to hide Tucker’s ownership and control of the business.
Me thinkum paleface deep in buffalo chips.
The preliminary forfeiture order seeks government possession of several of Tucker’s bank accounts, several Porsche and Ferrari automobiles, high-priced jewelry and two residential properties owned by Tucker — one in Aspen, Colo., and the other in Leawood near the Hallbrook Country Club.
Awwww, the poor exploiter…
Hopefully he goes to Marion or Leavenworth, unlike Madoff who went to Club Fed. Anyway, I do have a word of advice to him. DON’T DROP THE SOAP!