Former ‘Payday Lending’ GC Convicted at Trial
Timothy Muir, former general counsel of AMG Services Inc., was found guilty Oct. 13 on 14 counts against him.Muir, general counsel of seven years…
October 16, 2017 at 07:20 PM
2 minute read
The original version of this story was published on Law.com
Timothy Muir, former general counsel of AMG Services Inc., was found guilty Oct. 13 on 14 counts against him.
Muir, general counsel of seven years with the Kansas City-based lending company, was a co-defendant with his former boss Scott Tucker, CEO, in a five-week jury trial in the U.S. District Court for the Southern District of New York.
The two executives were found guilty of “operating a nationwide internet payday lending enterprise that systematically evaded state laws in order to charge illegal interest rates as high as 1,000 percent on loans,” according to a press release from the U.S. Department of Justice, issued Oct. 13.
The verdicts in the criminal case came after “less than a full day of deliberations,” according to a report in The Wall Street Journal.
“Evidence at trial established that Tucker and Muir were fully aware of the illegal nature of the loans charged and in fact prepared scripts to be used by call center employees to deal with complaints by customers that their loans were illegal,” the press release stated.
Muir and Tucker were convicted in all 14 counts in the indictment, including racketeering, wire fraud, money laundering and violating the Truth in Lending Act.
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