WASHINGTON, D.C. — The Federal Trade Commission (FTC) has announced the Department of Justice's (DOJ) plan to remit more than $500 million to the FTC for consumers scammed by a payday lending scheme.
The move by the department is part of a 2016 civil court judgment in which the FTC obtained $1.3 million over a case involving former race car driver Scott Tucker who illegally charged consumers undisclosed and inflated fees through a Kansas City based payday scheme, according to the FTC.
The court found that Tucker, who ran the operation, was responsible for his companies', which include AMG Capital Management, LLC, Level 5 Motorsports LLC, Black Creek Capital Corporation and Broadmoor Capital partners, actions.
FTC Chairman Joseph Simons said the commission is glad it can return the funds to consumers who were affected.
“We are very pleased that the Justice Department was able to recover this money in connection with its criminal and civil cases, and that we can help by returning it to consumers,” Simons said in a statement.