The appeal to overturn the $1.27 billion fine levied against imprisoned former race car driver Scott Tucker has been denied.
On January 5, Tucker was taken into custody and began serving 16 years and eight months in jail for his role in defrauding customers who used the various payday loan businesses he founded. Found guilty of RICO and TILA offenses at the federal level, the former American Le Mans Series title winner and SCCA National champion was also hit with the massive fine nearing $1.3 billion by the Federal Trade Commission.
Tucker’s appeal, filed by his lawyer Paul Ray at the United States Court of Appeals for the Ninth Circuit in San Francisco, was heard in August.
Despite one of the three judges appearing to side with Ray’s argument to vacate the FTC’s fine, the order for 56-year-old Tucker to pay the full $1.27 billion was ultimately confirmed by the court last week.
In September, the FTC announced it would be refunding approximately $505 million dollars through the mailing of more than one million checks to customers who were defrauded by the payday companies owned by Tucker from 2008-2013.
Of the seven Tucker payday businesses evaluated by the FTC, only Ameriloan was regularly promoted on the ALMS LMP2 entries entered by his Level 5 Motorsports outfit. Tucker is currently serving his sentence in Kansas.