Racecar driver Ken Tucker found guilty in payday loan scam
NEW YORK (AP) — A federal jury in New York has found professional racecar driver Scott Tucker and his former lawyer guilty of preying on vulnerable borrowers through a $2 billion payday loan business that charged 700 percent interest or more.
Tucker and Timothy Muir were each found guilty Friday of 14 counts including money laundering and racketeering.
Tucker was arrested last year in Kansas, where he lives.
Federal prosecutors say Tucker’s company charged exorbitant interest on short-term loans to more than 4.5 million people.
Tucker’s lawyers argued that the terms of the loans were known to customers.
Friday’s verdict follows a 2016 case in Nevada in which a federal judge ruled that Tucker and others deceived payday loan consumers and owed the Federal Trade Commission about $1.2 billion.