FTC Charges Joel Tucker For Selling Fake Loan Portfolios

The Federal Trade Commission has filed charges against an infamous name in the collections world for allegedly selling portfolios of fake payday loan debts.

Joel Tucker, and his brother, racecar driver Scott Tucker, have been running afoul of the FTC for nearly five years. This time, Joel Tucker, and companies called SQ Capital, JT Holdings, and HPD sold loans made by a fictional lender called Castle Peak or an online lender called 500FastCash. The portfolios included bank account numbers and Social Security numbers of individuals who supposedly owed money. The portfolios were sold and debt buyers and collection agencies used the information to persuade individuals the debts were real and to get them to make payments.

The defendants started marketing and selling the phony portfolios in July 2014, according to the complaint filed by the FTC. The FTC did not indicate how many portfolios were sold, nor how many individuals were compromised in the scam.

A preliminary injunction has been granted barring Joel Tucker and the companies from selling any more debts until the case is resolved. The FTC is seeking a permanent injunction.

A copy of the complaint is available here.



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