ProCoach

BOOM!

Ritter v4.0

That can't be good for business.

dp35

I'll feel no pity when this guy's in prison.

drbooba1

You know I have read this thread and I know Kevin Buckler is rather an opportunist when he is wheeling and dealing in the GT ranks and I know some like him and others such as Andy Lally don't and for good reason. But some said he is a convicted felon and served time and I see no evidence in the public record so either put up or shut up about TRG and Kevin.

TrackdayRSA.

Latest from SpeedTV today:

ALMS: FTC Investigating Tucker, Level 5
Level 5 Motorsports planning to be at Long Beach, according to team manager David Stone...

John Dagys | Posted April 05, 2012 Chicago, IL RELATED

Level 5 Motorsports plans to be at next weekend's Long Beach Grand Prix and complete the ALMS season as planned, despite a lawsuit filed Monday that lists the team. (Photo: John Dagys)
In a developing story that SPEED.com has been monitoring this week, the future of Level 5 Motorsports could be in jeopardy following a recent motion set forth by the Federal Trade Commission on its team owner, Scott Tucker.

The FTC lodged a suit against the two-time American Le Mans Series champion and other associated parties, including the Level 5 Motorsports team, Monday in U.S. District Court in Nevada.

The case alleges Tucker and his brother controlled a handful of internet-based payday lending companies that “piled on undisclosed and inflated fees, and collected on loans illegally by threatening borrowers with arrest and lawsuits.”

According to court documents, “The FTC has asked a federal court to stop the allegedly illegal business tactics while the agency pursues its case against the defendants.”

Level 5 Motorsports, LLC, along with a handful of other companies reportedly controlled by Tucker, are named as defendants of the case. According to documents filed with the court, Tucker and his brother, Blaine, are said to have transferred more than $40 million from the payday lending companies to Level 5 for “sponsorship” fees.

Over the last five years, the FTC said that it’s received more than 7,500 complaints about the operation, which is affiliated with a Native American tribe, which the defense has claimed makes Tucker’s loan business immune from state-led investigations.

Tucker’s operation is not the only payday loan company to have come under fire as of late, as the FTC is also investigating Payday Financial, LLC, another tribe-owned company based in South Dakota.

A statement from Jeff D. Morris, Council for Level 5 Motorsports and Scott Tucker reads: “We are disappointed that the FTC has taken the action of filing a lawsuit, but we will defend the allegations through the legal process and begin the kind of dialogue appropriate for such a regulatory filing.

“The government’s interest in the online short term lending industry extends beyond those named in the lawsuit. Some of the parties named represent significant participants in the industry, so it is no surprise there is interest from regulators.

“An FTC filing is not a finding or ruling that anyone has actually violated a statute or regulation. It is simply a lawsuit based on untested allegations. The FTC has sued the likes of Microsoft, Google, Apple, Citigroup, Coca Cola and Facebook and the reality is most actions resolve in settlements based on an agreed understanding of the facts. We will proceed accordingly and in good faith to address the recent filing.”

It’s unclear what effect, if any, the legal proceedings could have on the long-term future of Level 5’s P2 program in the ALMS and its planned effort at the 24 Hours of Le Mans in June.

However, team manager David Stone told SPEED.com that there are no changes in the team’s plans as they prepare for next weekend’s Grand Prix of Long Beach, where both of the HPD ARX-03bs are expected to race.

Level 5 is fresh off a class victory at last month’s Twelve Hours of Sebring, where Tucker, Christophe Bouchut and Joao Barbosa finished fourth overall, the highest among the ALMS entrants in the combined FIA World Endurance Championship race.

Tucker and Bouchut currently hold a four-point lead in the P2 drivers’ championship heading into the second round of the season.

John Dagys is SPEED.com’s Sportscar Racing Reporter, focusing on all major domestic and international championships. You can follow him on Twitter @johndagys or email him at askdagys@gmail.com

Tedster

I wonder how many lives this scumbag has harmed. Too bad it takes a long time to put him out of business. Motorsports, like any sport is based on following rules and doing your best. This guy has worked under the premise that winning was eveything. How sad.

TheOtherEric

Law fail. FTC simply filed a complaint asking for an injunction. Who knows if they'll be successful winning their case and getting an injunction.

fatbillybob

Well if he is at the SCCA runoffs in a $500k porsche to win STO or T1 then the Feds failed. If he is running a beat down used SM the law won.

fhp911

well -- innocent until proven guilty. But if that complaint is accurate this guy is one slimy character who deserves a lengthy all-expenses paid vacation at Club Fed, IMO

TheOtherEric

But don't forget that the FTC just filed their complaint this week. It could be years before there's any resolution.
But it seems like all these big fraud cases just end up with fines. I just read that Patrick *** and Taxmasters have done some very very bad things too, but they just got a big ($197 mil) fine/judgmeent.

por944s2

The Fed's have had a hard on for pay day lenders for years. They tend to operate in the shadows and under "tribal" law. I pity anyone who is so desperate and has no one else to lean on, that they need to turn to this kind of lender to make ends meet. Did someone make them borrow the $'s? Next time hit up your local loan shark, and see how gov't regulations protect you

fhp911

-- says por944s2.

The problem with this viewpoint is that if you read the ftc complaint you see that what they SAID the would do, ISN'T what they actually did. The 657% (!! -- I think that's the figure) they advertised wasn't the REAL figure -- it was really MUCH HIGHER. They cheated (per the ftc) their customers.

end of my $.02

por944s2

If that's true, should be an open and shut case.

dp35

Dear God please bring this guy to the SM class. Then a little bit of justice could be served..

Bob Rouleau

As I recall, rumors were that in the Ferrari Challenge he bought ten cars. Had them dismantled and chose the lightest components to make one (legal) car. If he showed up with a Spec Miata, it would be the first $250K Miata