Post by Logan on Feb 11, 2016 4:08:05 GMT -6
KC payday lenders Scott Tucker and Richard Moseley Sr. indicted in federal crackdown
Two Kansas City-area payday lenders long accused of collecting outrageous interest fees now face federal charges — and demands that they forfeit to the government billions of dollars in business proceeds.
The indictments against Richard Moseley Sr., 68, and Scott Tucker, 53, a professional race car driver, were unsealed Wednesday in New York, after both men had been arrested in the Kansas City area.
The men separately operated numerous payday loan businesses that charged high interest rates and misled customers nationwide about how much they would have to repay on the loans, authorities allege.
Tucker alone allegedly exploited more than 4.5 million people while collecting interest payments ranging from 400 percent to 700 percent, the indictment alleges.
Read more here: www.kansascity.com/news/business/article59551056.html
Two Kansas City-area payday lenders long accused of collecting outrageous interest fees now face federal charges — and demands that they forfeit to the government billions of dollars in business proceeds.
The indictments against Richard Moseley Sr., 68, and Scott Tucker, 53, a professional race car driver, were unsealed Wednesday in New York, after both men had been arrested in the Kansas City area.
The men separately operated numerous payday loan businesses that charged high interest rates and misled customers nationwide about how much they would have to repay on the loans, authorities allege.
Tucker alone allegedly exploited more than 4.5 million people while collecting interest payments ranging from 400 percent to 700 percent, the indictment alleges.
Read more here: www.kansascity.com/news/business/article59551056.html