A former professional racecar driver was sentenced Friday to more than a decade behind bars after being convicted in October of running a payday loan business that reportedly scammed millions of people.
Scott Tucker, 55, was sentenced to 16 years and eight months in prison, to begin immediately, for what U.S. District Judge P. Kevin Castel called a scam “to extract money from people in desperate circumstances.”
Castel said a “staggering” 1 percent of the entire U.S. population suffered over the course of 15 years as a result of Tucker’s business, which he added was “a fraud from the beginning.”
Timothy Muir, 46, the general counsel for the company, was sentenced to seven years in prison for his conviction in the same trial.
According to prosecutors, the men’s loan operation employed more than 1,500 people and charged interest rates ranging from 600 percent to over 1,000 percent, generating more than $3.5 billion in revenue from 2008 to mid-2013 alone.