Indicted former American Le Mans Series champion and payday lending mogul Scott Tucker will no longer be able to tap into his frozen assets to maintain his lavish lifestyle, reports The Kansas City Star. How lavish? Tucker has been living off of $99,000 in the last five months for their many “spa, steakhouse, country club and liquor purchases.”
Tucker’s assets have been frozen since March 31 after evidence that he was running a deceptive lending enterprise was uncovered by a Federal Trade Commission investigation. The February federal grand jury indictment against Tucker alleged that his payday lending businesses operated under misleading terms that hid interest rates as high as 700 percent from borrowers. Tucker allegedly funneled that money into his personal life and his racing team Level 5 Motorsports.
In order to preserve funds for victims of Tucker’s payday lending scheme, U.S. District of Nevada Chief Judge Gloria Navarro ordered Tucker’s assets—including bank accounts, property, credit cards and of course, a number of supercars and two Ferrari Challenge race cars—be frozen.
Unfortunately, the ludicrous amount of cash given for “living expenses” has gone towards keeping up the Tuckers’ gravy train, more so than the bare bones needed to live. The Kansas City Star writes:
Navarro’s March 31 asset freeze allowed Tucker and his family to live on $75,000 for the next two months. Afterward, Tucker was allowed $8,000 a month until Aug. 31 to pay for living expenses.
With the arrangement set to expire Aug. 31, Tucker’s lawyers sought permission to continue the monthly $8,000 allowance until the end of the year.
But the FTC objected, saying Tucker and his wife had lived off of $99,000 over the last five months and “continued their profligate lifestyle including spa, steakhouse, country club and liquor purchases.”
Additionally, the Star reports that Tucker withdrew $27,000 in funds without any evidence that it was shown to pay for living expenses, which is a massive slap in the face for any of Tucker’s alleged victims.
Tucker’s $8,000 a month allowance expired on August 31, and Navarro denied the request by Tucker’s lawyers to extend that in light of his recent out of control spending habits—meaning Tucker can’t access any of his cash.
However, if the Tucker family can demonstrate that they lack the income or assets to cover basic living expenses in the future, Navarro will consider giving Tucker an allowance again, per the Star. Hopefully it’s a lot less permissive than the last one, or maybe Tucker will be forced to pick up an honest day’s work cleaning the grass and mud out of GT3 Cup grilles.
Tucker has pleaded not guilty to a number of federal charges against him stemming from alleged violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act. The case goes to trial on April 17.