Fer­raris to be for­feited

Taranaki Daily News - - World -

A US fed­eral judge ap­pears likely to en­ter a for­fei­ture or­der of US$3.5 bil­lion (NZ$4.7b) against a con­victed Kansas felon as part of his sen­tence for his il­le­gal pay­day lend­ing scheme. The amount rep­re­sents the gross pro­ceeds Scott Tucker’s busi­nesses made from 2008 to 2013. Tucker was con­victed last Oc­to­ber of sev­eral charges re­lated to a pay­day lend­ing en­ter­prise that charged ex­or­bi­tant in­ter­est rates and duped con­sumers with de­cep­tive loan terms. He was the most prom­i­nent among sev­eral Kansas City busi­ness­men who made mil­lions from il­le­gal lend­ing en­ter­prises. The for­fei­ture or­der seeks pos­ses­sion of sev­eral of Tucker’s bank ac­counts, sev­eral Porsche and Fer­rari au­to­mo­biles, high-priced jew­ellery and two res­i­den­tial prop­er­ties.

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