Feds to return money from payday loan scheme

September 28, 2018 - 5:57 pm

Federal officials are mailing more than 1 million checks worth a combined $505 million to consumers that former pro racecar driver Scott Tucker swindled through a payday lending scheme.

The Federal Trade Commission and the Justice Department announced the refunds Thursday. The agencies evaluated loan portfolios from seven of Tucker's brands under his company, AMG Services — 500FastCash, Advantage Cash Services, Ameriloan, OneClickCash, Star Cash Processing, UnitedCashLoans and USFastCash — to find consumers who took the short-term loans.

Tucker, of Leawood, Kansas, is among those convicted of running a payday lending enterprise that used indigenous tribes as fronts to charge predatory interest rates. He began serving a 16-year, eight-month prison sentence earlier this year.

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