Now you can buy some of their stuff! Did A Possible Federal Indictment Make This Race Team Sell Its Cars?
That's what make them such great scoundrels. If people didn't find them kind, charming, and with a legion of fans, they would not be successful.
Tucker's companies pay $21,000,000 in fines - Online Payday Lending Companies to Pay $21 Million to Settle Federal Trade Commission Charges that They Deceived Consumers Nationwide | Federal Trade Commission
that's true! so that fine isn't much for him and Scott has no personal record? If that's so I would say score is Scott 1 and Gov 0 and Little Old Ladies -1.
The Daytona winning 458gtd is up for sale. You'd think he'd want to keep that one. Looks like they're either thinning the herd way down to generate cash or maybe they have so much money they decided to buy all new stuff for 2015...
classic agency settlement enforcement. threaten huge numbers.... force a settlement. no record. it is a civil action. no different than FNA suing you. you agreeing to stop using **** and pay $1.
The question is whether a $21MM penalty is sufficient to discourage future bad conduct by the companies. Yes, they're also waving collection of $285MM in outstanding charges, but those are related to previous loans (I assume). This will certainly hurt the company (and its' shareholders), but the money that's already been paid out to the management and shareholders would seem to be outside of the scope of this agreement. The question is what the prosecution hoped to accomplish. Was it to stop predatory lending practices? Was it to recover for wronged borrowers? Was it to shut the company down? Was it to penalize the company for its illegal business practices in the past? It would depend on the relief prayed for, I suppose, but the practical effect may have been to have shuttered the business. I'm not sure. However... "The FTCs action remains in litigation as to defendants ... Level 5 Motorsports, LLC, ... [and] ... Scott A. Tucker, the estate of Blaine A. Tucker ... and Kim C. Tucker." So, it looks like ST isn't exactly out of the woods. CW
Don't forget there is also the little matter of the pending indictment on Federal racketeering charges and the agreement over changes in business practices. As for the sale of equipment there hasn't been a peep AFAIK from anyone about any racing for Level 5 in 2015 so I don't know that they are making room for anything.
I would think it could, but if I read the Press Release correctly (and, of course, I might not have), the company is agreeing to forego collecting $285MM of fees already charged. That's money that's not already in the bank. Doesn't help ST or the companies, but if they've already received hundreds of millions, it's not like they're being required to give it back. Yet. CW
Sure, but it could hurt the 2015 budget if Tucker doesn't have 20mil stashed for racing...Could also signal the end of the money train if they're forced to loan legally in the future.
I'm sure, but how much do you think they have left unspent because it looks like they're not going to have any more money to funnel in for a while....
Barring ST going to jail, of course, don't count him out just yet. He's hard at work on his next venture - for which they've already received $140,000,000 over 2 rounds of financing.
Maybe he's had his fun in racing and is off to the next scam. Scott Tucker: Go big. Then go home? | News | Motorsport.com
Boy that would have been nice! You guys might check the Ferrari Challenge Daytona testing results to see what Tucker is doing in 2015.
Mr. Tucker is the founder & CEO of Sentient Technologies which is an artificial intelligence program for lenders. sentienttechnologies.com Sentient Technologies Scott Tucker | Sentient Technologies
Never looked like you guys were short of anything! lol As for the Daytona test results - naturally the Corsa Clienti site has 3 links all pointing to only one result. In the one result posted Scott was first by about half a second but there are a couple of notable drivers missing.
ha! I've heard of Sentient but wasn't aware of the ST connection. they must really be on to something given both the amount and sources of cash they've received, if people are willing to look past ST's involvement.
Funny that because I've also heard of Sentient and Scott's name didn't appear on it anywhere! A little bit weird.
