Dirty Cash Series: Episode 2 “Payday”. The oft-maligned short-term loan industry is profiled within the 2nd bout of Dirty Money

Dirty Cash Series: Episode 2 “Payday”. The oft-maligned short-term loan industry is profiled within the 2nd bout of Dirty Money

Chris Ekimoff, CPA/CFF, CFEFollow

Alex Gibney, documentary film maker with credits associated with the Enron accounting scandal (“The Smartest men when you look at the Room”), politician Eliot Spitzer (“Client 9: The increase and Fall of Eliot Spitzer”), and cyclist Lance Armstrong (“The Armstrong Lie”), and others, recently created a six-part documentary nationaltitleloan.net/ show for Netflix titled “Dirty Money.” Each episode describes the backdrop, scenario, and inner-workings of organizations and folks dealing with significant allegations of fraudulence, corruption, greed, and malfeasance in the present business community. I’m sharing this friend piece to present extra context, news protection, appropriate filings, and information regarding each episode when you look at the series.

The oft-maligned short-term loan industry is profiled within the 2nd bout of Dirty Money, with a concentrate on the inherent danger of customer loans generally speaking, additionally the fine print of cash advance agreements–exacerbated by internet adverts and online applications–that can result in people misunderstanding the dwelling of the loan and just just what responsibilities they might be at the mercy of. Scott Tucker and their organization of payday lending businesses (known in court filings since the “Tucker Payday Lenders”), comprehended to host over 700 shell organizations and appropriate entities, were discovered responsible in October 2017 pertaining to costs involving their usage of indigenous American tribes to shield their activities from appropriate legislation and oversight ordinarily administered by state legislation associated with payday lending organizations. Tucker ended up being sentenced to over 16 years in prison, and it is dealing with a $1.3 billion penalty from the case that is civil the FTC; Tucker is appealing both instances. (more…)