New York Prosecution Against Payday Lending Syndicate

The Manhattan District Attorney has brought criminal charges against a payday lending syndicate, alleging that an intricate corporate structure was established to to make payday loans with interest rates in violation of the state's usury cap and to shield its principals from detection by law enforcement. Those charged include the owner, the chief operating officer, and the syndicate's counsel.The indictment is described as a "harbinger" of others that may be brought against payday lenders.

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[John Kohler]

Woody Guthrie once said, "Some men rob you with a gun; some men rob you with a pen."