Both the Justice Department and Federal Trade Commission reviewed loan portfolios of seven brands of former race car driver’s company – AMG Services. These brands include Ameriloan, 500FastCash, Advantage Cash Services, UnitedCashLoans, Star Cash Processing, USFastCash and OneClick Cash.
According to the FTC, the refund is the largest to date for the agency.
Scott Tucker started his operation in Kansas City during the 1990s. He would issue loans with interest rates that ranged up to 1,000 percent. These interest rates tended to exceed the legal limits states that regulated payday lending allowed. The FTC said customers were often hit with surprise fees because they had to pre-authorize withdrawals from accounts to get a loan.
It wasn’t uncommon for Tucker to make agreements with Native American tribes in both Oklahoma and Kansas, as he believed tribal sovereignty protected him from state laws.get a loan
The FTC started mailing out the 1.2 million refund checks last week – six years after Tucker and AMG were first sued.
Consumers are eligible for a refund if they received a loan from any of the seven companies mentioned earlier between January 2008 and January 2013.
Tucker was convicted by a New York jury in 2017 on 14 criminal charges such as racketeering. He is currently in prison, serving 16 years. His attorney, Tim Muir, is also in prison, serving seven years. Joel Tucker currently faces charges of putting together fake payday loan portfolios.
