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Operators of Cash Cow are faced with illegally milking clients by asking huge interest levels on loans.

Operators of Cash Cow are faced with illegally milking clients by asking huge interest levels on loans.

The quickly growing „payday“ lending industry, which charges customers interest levels of 500 % or higher for short-term loans, faced its very first major crackdown in Florida on Thursday.

Hawaii charged Jeffrey C. Swank, owner associated with the Cash Cow string, and four associates with racketeering, usury and other crimes, and seized $565,743 from business and bank that is personal.

The company that is tallahassee which includes 15 shops in North and Central Florida, is certainly one of lots of check-cashing chains which have sprung up all over the state in order to make one- or two-week payday advances at huge rates of interest.

Along with charging you usurious prices for pay day loans, their state says money Cow defrauded automobile owners whom utilized their vehicle games as collateral to borrow funds.

Statewide Prosecutor Melanie Ann Hines filed the fees in Leon County Circuit Court against Swank, 36; Paul J. Shovlain, 58; Christie W. Hughes, 29; Reid E. Smith III, 37; and Michelle Smith, 35. Swank, whom faces 145 charges, ended up being scheduled in the Leon County Jail and released. Continue reading ‚Operators of Cash Cow are faced with illegally milking clients by asking huge interest levels on loans.‘

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