Just two weeks after pleading on Netflix that he’s being unfairly maligned for his business of issuing extremely deceptive payday loans to unwitting consumers, former race car driver and convicted felon Scott Tucker has learned he might be on the hook for $3.5 billion as part of his sentence for his illegal scheme.
On Tuesday, a federal judge in New York indicated that he’s “likely to enter a forfeiture order of $3.5 billion” against Tucker, an amount that appears to represent the gross proceeds from Tucker’s payday lending business over a five year period, according to the Kansas City Star.
Tucker, who was convicted last fall on several criminal charges related to his payday lending enterprise, made a name for himself by using the fortune he amassed to fund his Level 5 Racing program for years, going on to win multiple national championships. The government’s case against him illustrated how he built up an empire that hinged on charging exorbitant interest rates and duping consumers with highly deceptive loan terms.
But the latest order in the case tacks on a litany of other items in Tucker’s possession, reports the Star: “several of Tucker’s bank accounts, several Porsche and Ferrari automobiles, high-priced jewelry and two residential properties owned by Tucker—one in Aspen, Colo., and the other in Leawood near the Hallbrook Country Club.”
Here’s more from the story:
Prosecutors argued that Tucker’s property was obtained with ill-gotten money made through his illegal payday business, which operated largely out of Overland Park.
Tucker’s co-defendant, Overland Park lawyer Tim Muir, faces a preliminary $5.2 million forfeiture order. Muir was convicted and will report to prison later this month to begin serving a seven year prison sentence. As an Australian national, Muir also faces the possibility of deportation when his sentence expires.
Tucker was sentenced to 16 years and 8 months in prison. He’s appealing his sentence and conviction.