Race car driver who used ill-gotten gains from a payday loan program to buy a house in Aspen has been convicted by a jury in New York for engaging in predatory lending practices charging borrowers interest rates of up to 700%.
Anna Stonehouse, The Aspen Times
A jury in New York has found Scott Tucker, the owner of this rental home at 269 Park Avenue in Aspen, guilty of predatory lending practices.
A statement issued by the United States Attorney’s Office for the Southern District of New York said a jury has been convicted Scott Tucker, 55, of the 14 charges brought against him following a five-week trial in Manhattan. Tucker’s partner and lawyer Timothy Muir, 46, was also found guilty on all counts. Both are from Kansas.
As a unanimous jury found today, Scott Tucker and Timothy Muir have targeted and exploited millions of struggling ordinary Americans by charging them illegally high interest rates on payday loans, up to 700. %, âManhattan Acting Attorney General Joon H. Kim said. a statement released last week.
âTucker and Muir sought to escape their crimes by claiming that this $ 3.5 billion business was in fact owned and operated by Native American tribes. But it was a lie. The jury pierced Tucker and Muir’s lies and saw their business for what it was: an illegal, predatory scheme to unduly profit from vulnerable workers living paycheck to paycheck.
Tucker plans to appeal the verdict, according to published reports.