By alley - Dec 16, 2014, 2:03 PM ET

Report: Federal charges pending for Tucker

Bloomberg.com

reports that Federal prosecutors are preparing to bring charges against race driver and Level 5 team owner Scott Tucker (ABOVE), for deceiving borrowers about the cost of loans through payday lending operations.

The Bloomberg report claims Manhattan U.S. Attorney Preet Bharara has been working with the FBI in New York to build a case against Tucker that may include charges under a racketeering law. It adds that charges against Tucker, 52, would significantly escalate legal challenges to his operations following a failed attempt by Colorado's attorney general and a victory by a federal regulator in a civil case, which is continuing.

Bloomberg said Paula Junghans, a lawyer for Tucker at Zuckerman Spaeder LLC in Washington, declined to comment on the story.

Read the full Bloomberg report here.