DA Vance Announces Guilty Pleas of “Payday” Lenders for Criminal Usury Scheme

BROWN normally expected to perform 250 hours of community solution underneath the plea agreement.

Manhattan District Attorney Cyrus R. Vance, Jr., announced the responsible pleas of CAREY VAUGHN BROWN, 57, in addition to two businesses he operated and managed, CREDIT PAYMENT SERVICES, INC. (“CPS”) and MYCASHNOW.COM, INC. (“MYCASHNOW”), to Criminal Usury in the 1st Degree for participating in a scheme to help make numerous short-term, high-interest loans – referred to as “payday” loans – to Manhattan residents. As an element of a plea contract performed might 12, 2016, BROWN has recently forfeited $3 million, and it is limited by the regards to the contract to cover an extra $6 million in forfeiture to victims. A compensation fund will be set up by the Manhattan District Attorney’s Office’s Asset Forfeiture Unit to compensate verified victims of BROWN’s payday lending scheme under the terms set forth in a forfeiture order.

“Payday loans victimize those least in a position to spend the money for exorbitant and entirely impractical regards to those loans, and sometimes lead to a life time of financial obligation and credit dilemmas for the borrowers that are unfortunate” stated District Attorney Vance. Continue reading DA Vance Announces Guilty Pleas of “Payday” Lenders for Criminal Usury Scheme

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