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Oops, watchdog doesn t actually have the power to do so, panel unanimously point out
Katyanna Quach Fri 23 Apr 2021 // 22:52 UTC Share
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The US government s consumer watchdog cannot force scammers to return the money they cheated out of their victims, the Supreme Court declared unanimously this week.
All nine justices on America’s highest court ruled [PDF] against the Federal Trade Commission on Thursday and, instead, sided with payday loan firm AMG Capital Management LLC.
The business s founder Scott Tucker was criminally convicted in 2017 of setting illegal interest rates to extract hundreds of millions of dollars from people.
Specifically, Tucker and his lawyer were convicted of racketeering, wire fraud, and money laundering after setting up chains of payday lending companies charging up to 1,000 per cent interest on loans. Tucker is serving a 16 year, eight month prison sentence, with his lawyer Tim Muir getting eight years. The FTC also went
Scott Tucker, seen here in his Leawood, Kansas, home during an interview with Netflix for its Dirty Money series. The U.S. Supreme Court overturned a $1.3 billion penalty against Tucker in a civil case brought by the Federal Trade Commission. (Kansas City Star/TNS)
Supreme Court overturns $1.3 billion penalty against payday loan tycoon
The U.S. Supreme Court on Thursday unanimously sided with convicted Kansas City payday loan tycoon Scott Tucker in an appeal of a $1.3 billion penalty in a civil case brought by the Federal Trade Commission.
AMG Capital, one of Tucker’s payday loan enterprises, sought to overturn the 2016 decision of a federal judge in Nevada who agreed that Tucker and his businesses should pay $1.3 billion in restitution to borrowers who were defrauded.