So where is the cash going to come from to pay the fine?? His assets were far less.
what a terrible human.
I saw a movie on him. What a scumbag. Some people will do anything for a dollar, consequences be damned...
I saw the movie too. It didn't really convince me he did anything illegal and that his real crime was taking advantage of stupid people. Note, I said not illegal, but that doesn't mean I don't find it immoral and reprehensible. The movie convinced me he got shafted, but maybe that is just karma making things right after all the folks that allowed themselves to be shafted by him.
T.J. said:I saw the movie too. It didn't really convince me he did anything illegal and that his real crime was taking advantage of stupid people. Note, I said not illegal, but that doesn't mean I don't find it immoral and reprehensible. The movie convinced me he got shafted, but maybe that is just karma making things right after all the folks that allowed themselves to be shafted by him.
Hard to say if it was exactly him or his youngest brother, but they were both involved in a scam where the same "accounts receivable" (when you've given a loan and they haven't payed back yet you have an account receivable) inventory was sold multiple times to multiple different collection agencies. It is legal and common for me to say, "person x owes me $20, but I don't want to bother getting him to pay - if you give me $10 I'll sell you the $20 receivable, and you can go get it from person x". But, if one $400 account was sold to three agencies, that basically just trippled the person's debt to $1200 (and Scott and his brother just got paid $600 for $400 worth of receivable).
That practice is illegal since it is akin to selling the same house/car/widget/sandwich/etc to three different families, or whatever.
Even if you aren't the smartest/luckiest with your money (and are therefore using a Payday loan store), you are not self selecting to have your debt illegally inflated.
Note that Scott and his brother also added another genius layer to this scam, and they SOLD FRANCHISES of their software that artificially inflated people's debt.
So, make software that scams multiple people (directly scams the collection agencies, indirectly scams the people taking the loans), and profit. Then, sell copies of the software to many different folks as a business franchise so that more people can scam multiple other people, while paying you large quantities to do so.
The beauty of the scam is that generally collection agencies and people using Payday loan stores are looked down upon by most of society and are often scared to go to law enforcement or just straight up not believed when they do.
Imagine trying to explain to a police officer that you got a Payday loan and you believe you should owe $400 but the business is now saying you owe $500? And you are already undereducated/immigrant/minority/etc. Is the police officer likely to say "hmm, let me take a look at this" or "well that's how Payday loan stores work"?
Did anyone else catch this tidbit?
Over a 15-year period, more than 1 percent of the U.S. population became victims of Tucker’s lending enterprise.
In reply to Javelin :
Holy E36 M3, our country is literally 1% better as a whole without him.
Robbie said:T.J. said:I saw the movie too. It didn't really convince me he did anything illegal and that his real crime was taking advantage of stupid people. Note, I said not illegal, but that doesn't mean I don't find it immoral and reprehensible. The movie convinced me he got shafted, but maybe that is just karma making things right after all the folks that allowed themselves to be shafted by him.
Hard to say if it was exactly him or his youngest brother, but they were both involved in a scam where the same "accounts receivable" (when you've given a loan and they haven't payed back yet you have an account receivable) inventory was sold multiple times to multiple different collection agencies. It is legal and common for me to say, "person x owes me $20, but I don't want to bother getting him to pay - if you give me $10 I'll sell you the $20 receivable, and you can go get it from person x". But, if one $400 account was sold to three agencies, that basically just trippled the person's debt to $1200 (and Scott and his brother just got paid $600 for $400 worth of receivable).
That practice is illegal since it is akin to selling the same house/car/widget/sandwich/etc to three different families, or whatever.
Even if you aren't the smartest/luckiest with your money (and are therefore using a Payday loan store), you are not self selecting to have your debt illegally inflated.
Wow, that sounds almost exactly like what happened when my capital one card went to collections when I was 20.
I'd pay it down, hard times hit, stop paying, it went to a different collections agency for the whole amount again.
$1200 In credit card debit took almost $8k to pay off that way.
In reply to RevRico :
Yeah, collection agencies in general (as an industry) don't have the greatest reputation. But of course there are good ones and scammy ones. I hope you didn't get hit by a scammy one, but you may have.
Comparing his sentence to Bernie Madoff's, apparently damaging about 51 thousand rich people's stock portfoilios for personal gain is almost 10x worse than grinding 3 million poor people far deeper into poverty for personal gain.
I seem to recall that he would also "mine" their fully repaid loans and then sell a list of those to a collection agency as "not paid" and the person on the end was expected to pay the loan twice, or in some cases, many times.
Yeah 1% of the US, so 3 MILLION people? Amazing. And what did he do with these billions? Make a small fortune racing, by starting with a large fortune.
GameboyRMH said:Comparing his sentence to Bernie Madoff's, apparently damaging about 51 thousand rich people's stock portfoilios for personal gain is almost 10x worse than grinding 3 million poor people far deeper into poverty for personal gain.
If you try to swindle the swamp and get caught, you can expect to pay dearly.
Ya know, in Bible times, he would’ve had his hands cutoff. Kinda hope that happens here.
maschinenbau said:In reply to Javelin :
Holy E36 M3, our country is literally 1% better as a whole without him.
If only that were true. Nearly every single practice that the Tuckers pioneered are still in practice by payday lenders around the country, and that industry is even larger now than ever. The legal system continues to be slow to close all the loopholes that those companies keep finding.
This guy's antics make the days of IMSA funding itself through international weed smuggling seem downright honorable.
In reply to JG Pasterjak :
"Ask me no questions, I'll tell you no lies"...Classic
I just saw this elsewhere and was going to post until I found I'd been beaten to it by a week!
To those saying they are not sure he did anything illegal. It sounds like they've been listening to his own rhetoric where he claims he was victimized by the prior administration. B.S. The basic lending, while to many people reprehensible, wasn't illegal. Others have pointed out the inflating and selling of debt, the selling of already paid off debt etc. But the real crime was purposely, and illegally, setting up a lot of this behind sham corporation on Native land in an attempt to circumnavigate the law. He's a scum bag.
Off topic note #1. I have a massive fondness for when IMSA was International Marijuana Smuggling Association. With pot become legal in more and more states I can't wait for IMSA's reaction when a legal Pot operation wants to sponsor a team :)
Off topic note #2. While most pay day lenders are scum who pray on the less fortunate I do think there is a market for a more honest pay day load operation. Big banks are notorious for praying on poor and working class people. Harsh minimum account balances, ridiculous fees, max ATM amounts with hefty costs for use, E36 M3ty banking hours etc. Also if someone needs say $1,000 right now (Car broke down, boiler or furnace let's go in the middle of winter etc.etc.) Banks wont touch these people. As it's a high risk loan the fees can be justifiably high. You might have to pay 5 or 10% for a short term loan, but that's better than not being able to get the money at all. I wouldn't have a problem if it was say 5% 'origination fee' but then drops to a reasonable rate thereafter, it's when the long term rates stays at something stupid like 10% per month after that. Less well off people need access to money too, and there should be a service to cater to them that isn't predatory.
^^ What Mr. Thompson said.
In reply to Adrian_Thompson :
I didn't say I didn't think he did anything illegal. I said the movie I watched about him didn't convince me he did anything illegal. Not the same thing.
In the Dinner with Racers interview and the Dirty Money documentary with Scott, I do agree with him on his stance with traditional banks. That aligns with with Adrian said in off-topic point #2. I feel I utilize one of the better financial institutions out there but it still has it's shortfalls (limited physical locations, crappy hours, and very little to offer in terms of personal loans for incidentals outside of using a credit card).
Banks also like to use insulting language to their consumers/users i.e. if you want to pay down your mortgage, having options other than paying down the principal (outside of making a normal payment), who in their right mind would want to pay interest in advance? The only option should be to pay down the principal.
In reply to Adrian_Thompson :
With regards to off topic post number 2, the Post Office has expressed an interest in being allowed to do low rate payday style loans. They need the money, and already exist where everyone lives, and with so many people upset about this Walker character and the native payday lenders charging over 100%, it may possibly come to fruition.
Micro loans. Wasn't this part of a Jim Carrey movie?
RevRico said:In reply to Adrian_Thompson :
With regards to off topic post number 2, the Post Office has expressed an interest in being allowed to do low rate payday style loans. They need the money, and already exist where everyone lives, and with so many people upset about this Walker character and the native payday lenders charging over 100%, it may possibly come to fruition.
Another example of how it's illegal to prey on poor people who don't have a lot of financial savvy unless it's the government doing it? Similar to the lottery?
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