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Oklahoma tribe agrees to cover $48 million in order to prevent prosecution in payday financing scheme

Oklahoma tribe agrees to cover $48 million in order to prevent prosecution in payday financing scheme

Two businesses managed by the Miami Tribe of Oklahoma have actually decided to pay $48 million in order to prevent prosecution that is federal their participation in a financing scheme that charged borrowers rates of interest up to 700 percent.

The tribe acknowledged that a tribal representative filed false factual declarations in multiple state court actions as part of the Miami tribe’s agreement with the federal government.

Federal prosecutors unsealed a criminal indictment Wednesday asking Kansas City Race automobile motorist Scott Tucker and their attorney, Timothy Muir, with racketeering costs and violating the facts in Lending Act with regards to their part in operating the online internet lending business that is payday. (more…)