$1.32 billion sought from Level 5 Motorsports owner by FTC

Papers submitted by the Federal Trade Commission in a Nevada federal court on Wednesday seek $1.32 billion in damages from sportscar champion Scott Tucker and his late brother Blaine. In a report filed by Reuters, United States regulators have targeted the Level 5 Motorsports team owner and his deceased brother for "engaging in a scheme to deceive payday lending customers" through AMG Services, which the government claims is a Tucker-owned loan company.

According to Reuters, "the sum equals the $1.32 billion consumers paid beyond the disclosed cost of their loans," and the alleged scheme made it possible for Scott Tucker to "receive at least $419.8 million and pay for luxury vehicles, private charter and jet flights, and for an $8 million residence in Aspen, Colorado." The FTC's complaint, per Reuters, also says "another $67.6 million was transferred to his racing team, Level 5 Motorsports, for 'sponsorship' fees."

In response to the complaint, Reuters cites Tucker's lawyers, in a written response to the court, as stating the FTC is attempting "to extract massive monetary relief without any statutory authority for doing so."

The FTC has sued the Tuckers on more than one occasion alleging similar payday lending misdeeds.

Scott Tucker last raced professionally in January 2014, and has not been active since his brother's death in March the same year.