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Oklahoma tribe agrees to pay for $48 million in order to avoid prosecution in payday financing scheme

Two organizations controlled by the Miami Tribe of Oklahoma have actually consented to spend $48 million in order to avoid federal prosecution for their involvement 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 and their attorney, Timothy Muir, with racketeering costs and violating the facts in Lending Act due to their part in operating the online internet lending business that is payday.

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 gather illegal debts in breach of this Racketeer Influenced and Corrupt businesses Act, which has a term that is maximum of years in jail, three counts of breaking RICO’s prohibition on gathering unlawful debts, every one of which has a maximum term of two decades in jail, and five counts of breaking the reality in Lending Act, all of which has a maximum term of just one year in jail. Read the rest of this entry »