A federal jury has found Scott Tucker guilty on all counts in a racketeering case centered on the $ 2 billion payday loan activity of the former owner / driver of the Level 5 Motorsports team.
Tucker and his attorney Timothy Muir were convicted in Manhattan federal court on Friday on charges including collecting illegal debt, using deceptive contracts and making a false claim that the businesses were owned and operated by Native American tribes. .
According to a Bloomberg report, the four-time American Le Mans Series champion could face up to 20 years in prison, with the sentence due early next year.
The verdict follows a 2016 case in Nevada, where a federal judge ruled that Tucker cheated on payday loan customers and owed the Federal Trade Commission $ 1.2 billion.
This resulted in the seizure of many of Tucker’s holdings, as well as the auctioning of level 5 assets in May, including nearly a dozen team racing cars.
As a unanimous jury found today, Scott Tucker and Timothy Muir have targeted and exploited millions of struggling ordinary Americans by imposing illegally high interest rates on payday loans, up to 700. %, Manhattan Acting Attorney Joon H. Kim said in a statement.
“Tucker and Muir sought to escape their crimes by claiming that this $ 2 billion business was in fact owned and operated by Native American tribes. But it was a lie.
“The jury pierced Tucker and Muir’s lies and saw their business for what it was: an illegal, predatory scheme to unduly profit from vulnerable workers living on paycheck to paycheck. “
Tucker competed in top level sports car races from 2007 to 2014, winning over 100 races, including GT Daytona class honors in the 2014 Rolex 24 at Daytona, in the last Level 5 team appearance.