Geoffrey S. Berman, the United States attorney for the Southern District of New York, has announced that four exotic sports and track cars seized from doomed payday lender SCOTT TUCKER will be auctioned off on February 5, 2020. The cars were seized and confiscated by TUCKER as part of his convictions for operating an illegal $ 3.5 billion internet payday loan business that has systematically evaded state laws for over 15 years in order to charge illegal interest rates of up to 1000% on loans. Tucker and his convicted co-accused, TIMOTHY MUIR, a lawyer, lied to millions of clients about the true cost of their loans and defrauded them out of hundreds, and in some cases, thousands of dollars each. Additionally, as part of their multi-year efforts to evade law enforcement, the defendants have formed bogus relationships with Native American tribes and laundered the billions of dollars they took from their clients through nominally tribal bank accounts. to conceal TUCKER ownership and control over the business. TUCKER’s fraudulent loans went to more than 4.5 million people in all fifty states, including more than 250,000 people in New York City, many of whom were struggling to afford basic living expenses.
US Attorney Geoffrey S. Berman said, “The auction of convicted payday loan fraudster Scott Tucker’s four exotic cars is significant. The Ferrari and Porsche supercars offered for sale are just the most visible and gaudy signs of Tucker’s greed, luxury toys bought with money stolen from victims who often lived from hand to mouth, to people who have taken out payday loans to buy food for their families or pay medical bills. We hope this auction will generate sufficient revenue to at least partially compensate the victims of Tucker’s multibillion dollar fraud scheme. This Office will continue to aggressively seek compensation for victims of predatory criminals. “
The car auction will feature a rare 2011 Ferrari 599 SA Aperta which is one of only 80 such cars ever made (pictured above), a 2011 Ferrari 599xx 700 horsepower track car, as well as two Porsche Supercars. , a 2011 Porsche 911 GT2 RS and 2005 Porsche Carrera GT.
The live and simulcast auction will take place at the world-class Motorsport Circuit of the Americas on February 5, 2020. Details of the auction, including videos of each car, can be found at https://www.cwsmarketing.com/?p=9739. Proceeds from the sale of the cars will be pooled with monies recovered by the Federal Trade Commission (“FTC”), which has successfully filed a related civil action against TUCKER and various entities involved in the illegal payday loan program, and distributed to victims by the FTC. Victims seeking redress are encouraged to visit www.ftc.gov/amg for up-to-date information regarding the FTC’s remedy program and to sign up to receive email updates. To date, over $ 500 million has been returned to victims of TUCKER crimes.
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On October 13, 2017, TUCKER and MUIR were found guilty of all fourteen charges brought against them after a five-week jury trial before U.S. District Judge P. Kevin Castel. On January 5, 2018, TUCKER was sentenced to 200 months in prison and MUIR to 84 months in prison.
Mr. Berman praised the exceptional investigative work of the Internal Revenue Service’s St. Louis field office, Criminal Investigation. Mr Berman also thanked criminal investigators from the United States Attorney’s Office, the Federal Bureau of Investigation and the FTC for their assistance in the case.
Prosecutions are managed by the Office’s Complex Fraud and Cybercrime Unit. US Deputy Prosecutors Sagar K. Ravi and Hagan Scotten are in charge of the prosecution.