Justice Information. Geoffrey S. Berman, the usa Attorney

Geoffrey S. Berman, the usa Attorney for the Southern District of New York, announced agreements that are non-prosecutionthe “Agreements”) with tribal corporations controlled by two indigenous American tribes: the Modoc Tribe of Oklahoma plus the Santee Sioux Tribe of Nebraska. Included in the Agreements, the tribal corporations decided to forfeit, collectively, $3 million in proceeds from the unlawful payday lending enterprise owned and operated by Scott Tucker. The tribal corporations acknowledged, among other things, that Tucker used his agreements with the tribal corporations to evade state usury laws and that representatives of the tribes filed affidavits containing false statements in state enforcement actions against parts of Tucker’s payday lending enterprise as part of the Agreements.

Mr. Berman additionally announced that monies forfeited towards the workplace regarding the its research of Tucker’s scheme, including monies restored as part associated with Agreements, is supposed to be remitted into the Federal Trade Commission (“FTC”) for distribution to victims of this payday financing scheme. As a whole, the U.S. Attorney’s Office expects to remit more than $500 million to your FTC for victims.

U.S. Attorney Geoffrey S. Berman claimed: “To hide their criminal payday financing scheme, Scott Tucker and Timothy Muir attempted to claim their company had been owned and operated by Native American tribes. Today’s settlements with two of these tribes will add $3 million into the vast sums already recovered – from Tucker, from U.S. Bancorp, and from the non-prosecution agreement with a 3rd native United states tribe – to pay Tucker’s an incredible number of victims.”

Tucker’s Payday Lending Scheme

On January 5, 2018, Tucker was sentenced to 200 months in jail for operating an internet that is nationwide lending enterprise that methodically evaded state rules for longer than 15 years so that you can charge unlawful rates of interest since high as 1,000 percent on loans. (more…)