Federal prosecutors charged a businessman-turned-race-car driver and his attorney yesterday with overcharging customers hundred of millions of dollars in undisclosed fees in one of the largest federal criminal payday-lending cases ever, the Wall Street Journal reported today. Prosecutors said Scott Tucker used $100 million of proceeds from the fraudulent loans to finance his professional racing team and purchase race cars and other luxury items. The Manhattan U.S. attorney’s office unsealed an indictment against the two men charging them with violations of the Truth in Lending Act and the Racketeer Influenced Corrupt Organizations Act and running an illegal loan business that generated more than $2 billion in revenue between 2003 and 2012.
