Do you know what sucks? Being in prison. Do you know what’s worse? Once a person of unlimited means, now in prison, and watch your dear collection of cars being auctioned. For former racer and convicted racketeer Scott Tucker, it could be a punitive act perhaps worse than death.
On February 5, 2020, during a CWS Asset Management & Auction, on behalf of the US Treasury Department at Circuit of the Americas in Austin, TX, the latest in Tucker’s collection of exotic sports cars will drive through the block, including a 2011 Ferrari SA Aperta, 2011 Ferrari 599xx, Porsche 911 GT2 RS 2011 and a Porsche Carrera GT 2005.
A preview of the cars is scheduled for February 4, from 10:00 a.m. to 3:00 p.m. at Ferrari in Austin. All of Tucker’s Level 5 Motorsports business, including its 11 racing cars, was wound up by Auctions America in 2017.
Tucker, who won the 2014 24 Hours of Daytona and scored a podium at the 2011 24 Hours of Le Mans, was convicted in 2017 of racketeering, wire fraud, money laundering and violating the truth about loans law , related to its payday loan business. , and was sentenced to 16 years and 8 months in federal prison. His lawyer, Timothy Muir, was also found guilty of the scheme and received a 7-year sentence.
Tucker is far from the first runner to end up in the heap after funding his running operation with alleged dirty money. Do you remember the Whittington Brothers? John Paul Sr. and his son John Paul Jr.? The incredible technical advancements in the IMSA series cars of the 1980s are often attributed to a constant flow of drug money.
In addition, the Federal Trade Commission sued Tucker, his company and others for “deceptive and unfair payday lending and debt collection practices targeting cash-strapped consumers.” The lawsuit resulted in a judgment worth a record $ 1.3 billion. Several sales of all of Tucker’s assets have taken place in an attempt to raise the funds necessary to cover the verdict, which includes repayments for many clients of his payday loan company. In July 2019, the court-appointed monitor said it recovered $ 12.3 million from sales.
According to FBI Deputy Director Diego Rodriguez in 2016, “As alleged, Tucker and Muir deceptively abused over 4.5 million workers to take out payday loans with interest rates ranging from 400-700% . Not only did their business model violate the Truth-in Lending Act, established to protect consumers from such loans, but they also tried to hide from lawsuits by creating a fraudulent association with Native American tribes to gain sovereign immunity. . This scheme, like so many others that defraud innocent victims, only ends with an arrest by the FBI.
The opportunity then returns to bidders who have a path to several rare exotic cars – with risky provenance. Bidders can register for auctions online and in person. The 2011 Ferrari SA Aperta and 599xx could fetch up to $ 2 million each. Porsches could make over $ 800,000 each.
Tucker has maintained his innocence and blamed the government’s excesses, while Muir has appealed, but remains in jail as this second trial could begin. According to Tucker, “I provided legal service where there was a demand. Asked about the Netflix documentary Dirty money if he considers himself to be a legal person? Tucker replied, “I am a businessman.”
Well, at least Scott Tucker has his memories …