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FTC Asks Supreme Court to Let It Take Funds From Payday Lender

FTC Judiciary payday lender Supreme Court US

FTC Asks Supreme Court to Let It Take Funds From Payday Lender

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The Federal Trade Commission should be able, under current law, to order a payday lender to hand over its so-called ill-gotten gains after its leader was convicted of usury, fraud, and racketeering, the Supreme Court heard Jan. 13. The court heard 67 minutes of oral argument in the case known as AMG Capital Management Inc. v. Federal Trade Commission (FTC). The case goes back to when race car driver Scott Tucker was sentenced in January 2018 to 200 months in prison for operating a nationwide internet payday lending enterprise that, according to a Department of Justice (DOJ) summary, “systematically evaded state laws for more than 15 years in order to charge illegal interest rates as high as 1,000 percent on loans.” After a five-week jury trial, he was found guilty in October 2017 of racketeering, wire fraud, money laundering, and Truth in Lending Act offenses. Tucker and his company, AMG …

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