Scott Tucker may have won 101 races driving in the United Sports Car Championship for Level 5 Motorsports, but his luck seems to have finally run out after he was arrested in his home town of Kansas City, KS for piloting a series of financial scams as chairman of Westfund, a private equity fund, as well as the founder and CEO of Sentient Technologies, a provider of loan origination software.Scott Tucker, 53, has been involved in private equity investing in several different fields including real estate, hotels and restaurants, internet technology, financial services, and energy as well as automotive
Charges including conspiracy, collection of unlawful debts and understatement of interest rates to consumers who found themselves drowning in debt after sometimes paying him and his companies 700% interest or more for their payday loan.
Tucker began his racing career in 2006, competing at Homestead-Miami Speedway in March. It was also his first full season running in the Ferrari Challenge. His best result as a rookie was a 5th-place finish at Portland International Raceway in Oregon. He later won 3rd place in one of 2 North American races at the World Finals in Monza, Italy. In 2007, Tucker claimied his first career win in the Ferrari Cahllenge in May at Infineon Raceway in Sonoma, California. He also began competing in the Grand-Am Rolex Sports Car Series that same year. After the Rolex 24, Tucker entered Level 5 Motorsports in 3 additional races with Ed Zabinski in the Rolex Series.Tucker and Zabinski’s top finish was 8th at Iowa Speedway. They also competed in the Rolex Sports Car Series races at Homestead-Miami Speedway and Circuit Gilles Villeneuve in Montreal, Quebec.
In 2009, Scott Tucker became the national title holder at the SCCA Runoffs Hawk Performance Touring 1 race at Road America in Elkhart Lake, Wisconsin. He won the class again in 2011. Tucker claimed his first SCCA Trans-Am Series race victory (in the TA2 class) in August 2011 at Road America. He has competed in the American LeMans Series, 24 Hours at LeMans and United Sports Car Championship.
According to an indictment unsealed in Manhattan federal court Tucker’s payday lending operation to get quick cash over the Internet.operations generated “more than $2 billion in income from 2003-2012 (alone), providing him with a source of over $100 million in profits, which he supposedly spent on personal items including luxury homes and cars, jewelry, a private airplane and the expenses of his racing team which, runs Ferraris in “marquee” events in Monaco, France,Monaco and Abu Dhabi.
Court papers also stated that Tucker and his former top business lawyer Timothy (also arrested Wednesday), “exploited over 4.5 million people in the US who were struggling to pay basic living expenses, deceiving them by misleading communications and contracts.”
Although authorities reported that Tucker and Muir received complaints from thousands of consumers, state regulators and consumer protection groups prior to being sued by states such as New York Arizona, Arkansas, Connecticut, the District of Columbia, Georgia, Maryland, Massachusetts, Montana, New Hampshire, New Jersey, North Carolina, Ohio, Pennsylvania, Vermont and West Virginia (all of which ban payday loans or have usury limits that effectively prohibit them), the pair managed to get some of the lawsuits dismissed by entering phony business relationships with three Indian tribes, claiming the payday lenders were protected by “tribal sovereign immunity,”.
In the meantime, the indictment is seeking foreiture of $2 billion in addition to 6 Ferraris, 4 Porsches and a Learjet.