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September 27, 2018

Posted  September 27, 2018

Refund checks cut from the record amount of $505 Million will be mailed to consumers who were victims of an enormous payday lending scheme which was run by AMG Services, Inc., and CEO of AMG Services, Scott A. Tucker. Tucker’s attorney, Timothy Muir, was also involved. The refunds come out of the $1.3 billion civil court judgment and order against Tucker and his companies. They were found guilty of violating the FTC Act and the Truth in Lending Act for deceiving and taking advantage of millions of consumers from 1997 to 2013. They charged consumers exceedingly high interest rates and fees on short-term loans. Additionally, they worked out a scam to automatically withdraw interest payments from a consumer’s loan balance without touching the principal, leading to loan renewal on the next payday. In October, 2017, criminal convictions were obtained against Tucker by the U.S. Attorney’s Office for the Southern District of New York. He was sentenced in 2018 to 16 years and 8 months in prison. Tucker’s attorney was sentenced to seven years. The Federal Trade Commission and U.S. Department of Justice are working together to mail the 1,179, 803 refund checks across the country. DOJ; FTC