Level 5 and Scot Tucker in bother
Discussion
Just before Petit le Mans a story broke about the Level 5 motorsport's owner Scot Tucker was in serious trouble for providing payday loans. Today more details have emerged and it appears from what I can gather from the legal documents that they are are charged payday loans via the internet to clients in such states where this is prohibited and to states where they were not registered to do so. They are also accused of having a very complicated repayment and charging structure.
They have advertised that if you take a loan of $300 and pay it back within the stated time you would pay back in total $390. It is alledged that because a charge is applied everytime a repayment was due the sum total was closer to $970.
It also alledged that Mr Tucker transferred more than $40 million dollars from a large number of holding companies to himself to support his racing team and a lavish lifestyle
http://www.winnipegfreepress.com/world/ftc-goes-to...
The team's workshop was closed and padlocked today.
I am not certain that Mr Tucker will be at Le Mans somehow
They have advertised that if you take a loan of $300 and pay it back within the stated time you would pay back in total $390. It is alledged that because a charge is applied everytime a repayment was due the sum total was closer to $970.
It also alledged that Mr Tucker transferred more than $40 million dollars from a large number of holding companies to himself to support his racing team and a lavish lifestyle
http://www.winnipegfreepress.com/world/ftc-goes-to...
The team's workshop was closed and padlocked today.
I am not certain that Mr Tucker will be at Le Mans somehow
Vocal Minority said:
Dear oh dear....
There are some 'characters' in the sport aren't there? Who was the chap who ran the F1 GTR in the Biritsh GT championship in the late 90s? Did he not acquire his hobby through fraud/embezellment?
That's the fella that PH tried to publish his story iirc.There are some 'characters' in the sport aren't there? Who was the chap who ran the F1 GTR in the Biritsh GT championship in the late 90s? Did he not acquire his hobby through fraud/embezellment?
The thread after the first installment ran to about 20 pages within a day before the article was withdrawn.
Life Saab Itch said:
Vocal Minority said:
Dear oh dear....
There are some 'characters' in the sport aren't there? Who was the chap who ran the F1 GTR in the Biritsh GT championship in the late 90s? Did he not acquire his hobby through fraud/embezellment?
That's the fella that PH tried to publish his story iirc.There are some 'characters' in the sport aren't there? Who was the chap who ran the F1 GTR in the Biritsh GT championship in the late 90s? Did he not acquire his hobby through fraud/embezellment?
The thread after the first installment ran to about 20 pages within a day before the article was withdrawn.
I remember the first installment - it all went downhill very quickly!
GarrettMacD said:
Life Saab Itch said:
Vocal Minority said:
Dear oh dear....
There are some 'characters' in the sport aren't there? Who was the chap who ran the F1 GTR in the Biritsh GT championship in the late 90s? Did he not acquire his hobby through fraud/embezellment?
That's the fella that PH tried to publish his story iirc.There are some 'characters' in the sport aren't there? Who was the chap who ran the F1 GTR in the Biritsh GT championship in the late 90s? Did he not acquire his hobby through fraud/embezellment?
The thread after the first installment ran to about 20 pages within a day before the article was withdrawn.
I remember the first installment - it all went downhill very quickly!
http://www.telegraph.co.uk/news/uknews/1353725/For...
"He bought three Aston Martins, a Ferrari 348 TV, a Benetton F1 racing car, a Ferrari 550, two McLaren F1's, a Jaguar XJR, a Mercedes E55 a Mercedes CLK and a Mercedes E320. He also bought a Mercedes C180 for his team racing driver, Chris Goodwin. Two Ducati motorbikes were bought for the men in the pits as well as private motorcar plates and a Concorde trip for the race team to visit Canada."
worth it
worth it
The "Murphy the Bear" blog has some amusing comments to make on this topic.
Sadly, outside of the factory backed teams and drivers I suspect that a large amount of the funding of gentleman drivers is slightly suss in one way or another (creative accounting, dodgy debts, raiding the collection plate etc.), there's not many Blue-Chip sponsors logos out there (even the Coca-Cola/Relentless branding on the Strakka car is due to Leventis' family links) on the grid.
Sadly, outside of the factory backed teams and drivers I suspect that a large amount of the funding of gentleman drivers is slightly suss in one way or another (creative accounting, dodgy debts, raiding the collection plate etc.), there's not many Blue-Chip sponsors logos out there (even the Coca-Cola/Relentless branding on the Strakka car is due to Leventis' family links) on the grid.
Chris Sideways said:
GarrettMacD said:
Life Saab Itch said:
Vocal Minority said:
Dear oh dear....
There are some 'characters' in the sport aren't there? Who was the chap who ran the F1 GTR in the Biritsh GT championship in the late 90s? Did he not acquire his hobby through fraud/embezellment?
That's the fella that PH tried to publish his story iirc.There are some 'characters' in the sport aren't there? Who was the chap who ran the F1 GTR in the Biritsh GT championship in the late 90s? Did he not acquire his hobby through fraud/embezellment?
The thread after the first installment ran to about 20 pages within a day before the article was withdrawn.
I remember the first installment - it all went downhill very quickly!
http://www.telegraph.co.uk/news/uknews/1353725/For...
Red Firecracker said:
Just posted by Midweek Motorsport from the Long Beach paddock;
not sure what the pic shows but I know they were there and racing, have also heard it isn't true that the workshop was shut down, which of course it couldn't be as they were preparing for Long Beach. I guess unless they have been found guilty of anything or have some kind of injunction placed on their assets, they will continue as they were to Le Mans and beyond.zebedee said:
not sure what the pic shows but I know they were there and racing, have also heard it isn't true that the workshop was shut down, which of course it couldn't be as they were preparing for Long Beach. I guess unless they have been found guilty of anything or have some kind of injunction placed on their assets, they will continue as they were to Le Mans and beyond.
Shows Level 5 in the Long Beach paddock, as you say, there and racing. Appear to be lots of rumour with little actual substance with regards to their continued activities.Chris Sideways said:
GarrettMacD said:
Life Saab Itch said:
Vocal Minority said:
Dear oh dear....
There are some 'characters' in the sport aren't there? Who was the chap who ran the F1 GTR in the Biritsh GT championship in the late 90s? Did he not acquire his hobby through fraud/embezellment?
That's the fella that PH tried to publish his story iirc.There are some 'characters' in the sport aren't there? Who was the chap who ran the F1 GTR in the Biritsh GT championship in the late 90s? Did he not acquire his hobby through fraud/embezellment?
The thread after the first installment ran to about 20 pages within a day before the article was withdrawn.
I remember the first installment - it all went downhill very quickly!
http://www.telegraph.co.uk/news/uknews/1353725/For...
I thought he seemed like an interesting chap and not your typical multi-F1 owner but I wasn’t prepared for the revelations in this thread. His 5 minutes of fame with Quentin apparently raised suspicion leading to him getting caught for his fraudulent activities. Hilarious.
Cannot condone his actions but the penalty does seem like an acceptable outcome on his part!!
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