FTC and DOJ get back an archive $505 Million to customers Harmed by significant Payday Lending Scheme

FTC and DOJ get back an archive $505 Million to customers Harmed by significant Payday Lending Scheme

Reimbursement could be the biggest redress that is FTC-administered in agency history

The Federal Trade Commission, working jointly because of the U.S. Department of Justice, is mailing 1,179,803 reimbursement checks totaling significantly more than $505 million to individuals who were deceived with a massive payday lending scheme operated by AMG Services, Inc. and Scott A. Tucker.

The customer refunds stem from a record-setting $1.3 billion court that is civil and purchase the FTC obtained against Tucker and their organizations for breaking the FTC Act and also the Truth in Lending Act if they deceived customers around the world and illegally charged them undisclosed and inflated charges. Your order represents the greatest litigated judgment ever obtained by the FTC.

In its 2012 grievance, the FTC alleged that the operators of AMG Services, Inc. falsely advertised they might charge borrowers the mortgage amount along with a one-time finance charge. Read more