Oklahoma tribe agrees to cover $48 million in order to prevent prosecution in payday financing scheme

Oklahoma tribe agrees to cover $48 million in order to prevent prosecution in payday financing scheme

Two businesses managed because of the Miami Tribe of Oklahoma have actually decided to spend $48 million to avoid federal prosecution for their participation in a financing scheme that charged borrowers rates of interest up to 700 per cent.

The tribe acknowledged that a tribal representative filed false factual declarations in multiple state court actions as part of the Miami tribe’s agreement with the federal government.

Federal prosecutors unsealed a criminal indictment Wednesday asking Kansas City Race automobile motorist Scott Tucker along with his attorney, Timothy Muir, with racketeering charges and violating the reality in Lending Act for his or her part in operating the online internet payday lending company.

Tucker and Muir had been arrested in Kansas City, according to the U.S. Department of Justice wednesday.

Tucker, 53, of Leawood, Kan., and Muir, 44, of Overland Park, Kan., are each faced with conspiring to get illegal debts in breach for the Racketeer Influenced and Corrupt businesses Act, which has a maximum term of 20 years in jail, three counts of breaking RICO’s prohibition on gathering illegal debts, all of which posesses maximum term of two decades in jail, and five counts of breaking the facts in Lending Act, every one of which posesses maximum term of 1 12 months in jail. Continue reading “Oklahoma tribe agrees to cover $48 million in order to prevent prosecution in payday financing scheme”