A U.S. District Court Judge in Nevada ruled in favor of the FTC, imposing a record $1.3 billion judgment against AMG Services Inc. owned by Scott A. Tucker. The court found AMG Services misled consumers about a one-time servicing fee and the actual cost of the loan. Instead of charging a one-time servicing fee, AMG Services would make several withdrawals from consumer bank accounts and then charge a financing fee for every withdrawal. AMG Services Inc., as well as any of Tucker’s businesses, are prohibited from providing any consumer lending services.
You can read more here:
