Pa. Signs $ 3 million deal with former Fintech CEO on payday loans

By Nadia Dreid (April 9, 2021, 8:06 p.m. EDT) – The former head of the lender disbanded from Think Finance has reached a $ 3 million deal with the state of Pennsylvania to end allegations he aided the company to circumvent interest rate limits in order to distribute illegal payday loans.

Former CEO Kenneth Rees will pay $ 3 million to evade the civil case without admitting any wrongdoing for his role as the head of the company, which the Pennsylvania attorney general’s office accused in 2017 of having used Native American tribes to avoid state laws limiting interest rates.

The consent decree, which was released on Thursday, limits Rees’ ability to work in …

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