Today the allegations are nothing new, and the information details a history of lending models still under scrutiny

Today the allegations are nothing new, and the information details a history of lending models still under scrutiny

DOJ Targets Payday Lender Making Use Of RICO

On June 22, 2015, the usa Attorney’s office for the Eastern District of Pennsylvania filed an information charging Adrian Rubin of Jenkintown, PA, with: (1) one count of conspiracy to break RICO, 18 U.S.C. § d that is 1962(; (2) one count of conspiracy to commit mail fraudulence and cable fraud, 18 U.S.C. § 371; (3) two counts of mail fraudulence, 18 U.S.C. § 1341; and (4) aiding and abetting mail fraud, 18 U.S.C. § 2. based on the recharging document, between 1998 and 2012, Rubin owned, managed, financed, and/or worked for numerous organizations that issued short-term “payday” loans – each of which allegedly flouted state legislation to show a revenue.

The RICO Allegations

The RICO allegations against Rubin consist principally, yet not solely, of Rubin’s alleged involvement in three major lending that is payday: (1) a “rent-a-bank” scheme to supply pay day loans in breach of state legislation, (2) moving of lending operations to a situation this is certainly “usury friendly” to produce loans in states that prohibit usury; and (3) a “rent-a-tribe” scheme to prevent usury rules. The us government alleges that Rubin along with his co-conspirators derived earnings through collecting on unlawful debts, and that he along with his co-conspirators (principally used by Rubin or related to his payday financing activities) proceeded to make payday loans—i.e that is illegal. “Today the allegations are nothing new, and the information details a history of lending models still under scrutiny” の続きを読む