The former head of a payday lending firm allegedly attempted to hide more than $12 million from the Consumer Financial Protection Bureau in a bid to avoid paying penalties related to illegal conduct at his former company, the agency said in a federal lawsuit.
James R. Carnes made four separate transfers totaling around $12.2 million from accounts he controlled to those controlled by his wife, Melissa, between 2013 and 2015, the CFPB alleged in a complaint filed in the US District Court for the District of Kansas.
The transfers began when Carnes became aware that his payday loan company, Integrity ...
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