AMG Accused of Massive “Deceptive Payday Lending Scheme” By AFR

0
AMG Accused of Massive “Deceptive Payday Lending Scheme” By AFR

Newly Unsealed Documents Expose Ugly Details Of AMG Services’ Deceptive Payday Lending Scheme by Americans for Financial Reform<
AMG – Lender pocketed $1.32 billion from loans designed to mislead borrowers

Washington, D.C. – Public Justice, working as counsel to Americans for Financial Reform, announced today that it has won a motion to unseal court documents showing how AMG Services, Inc., the payday lending business owned by magnate Scott Tucker, deceived borrowers about the total amount their loans would cost. The carefully orchestrated scheme netted Tucker and his associates at least $1.32 billion out of the pockets of hard-pressed borrowers.

The documents expose a variety of techniques used by AMG, over a four-year period, to suck borrowers into payment arrangements designed to keep them in prolonged high-cost debt, while deliberately hindering their ability to understand the total fees, timeline, and other terms being imposed on them by default.

Mohnish Pabrai On Waiting For The Perfect Pitch