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Federal Trade Commission

Pro racecar driver Scott Tucker charged in payday loan scam

Professional racecar driver Scott Tucker was arrested Wednesday on criminal charges accusing him of living the high life on the backs of millions of desperate people who used his payday lending operation to get quick cash over the Internet.

An indictment unsealed in Manhattan federal court charged him with conspiracy, collection of unlawful debts and understatement of interest rates to consumers who found themselves drowning in debt after sometimes paying Tucker and his companies 700 percent interest or more for their loans.

Authorities said Tucker was arrested Wednesday in Kansas City, Kansas, and would initially appear in court in Kansas.

The indictment said...