Ferraris to be forfeited
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.