U.S. Bank hit with $613 million penalty related to Scott Tucker banking relationship

The wreckage of Scott Tucker’s payday loan empire has now reached one of the largest North American banks with federal prosecutors announcing criminal charges against U.S. Bank for its handling of Tucker’s business accounts.

The U.S. Attorney’s Office for the Southern District of New York announced that U.S. Bank will pay $613 million in penalties as punishment for the bank’s lax anti-money laundering programs and regulatory compliance that facilitated an illegal payday lending operation run by Tucker, who’s from Leawood, Kansas.

U.S. Bank had signaled in regulatory filings that it expected to pay large penalties for violating the Bank Secrecy Act.

Tucker is in federal prison after his Oct. 13 conviction of charges related to his massive illegal payday lending operation. He was sentenced on Jan. 5 to 16 years and eight months in prison.

Read more: Kansas City Star, Kansas City Business Journal

Tags:, , ,

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students