Home Inverness Colorado Income Joel Tucker’s KC financier and payday lenders go bankrupt

Joel Tucker’s KC financier and payday lenders go bankrupt

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A Kansas City company that funded payday loan operators filed for bankruptcy while holding $ 120 million in claims and judgments it was unable to collect.

NorthRock LLC has among its assets a $ 29 million claim against Johnson County businessman Joel Tucker and others.

Tucker was sentenced last year to pay $ 4 million in a payday loan case. He had been accused by the Federal Trade Commission of falsifying payday loan debts and selling them to debt collectors. The collectors then targeted consumers who sometimes paid off the bogus loans just to stop the calls. He is the brother of payday lender Scott Tucker, who was sentenced to more than 18 years in prison.

NorthRock has among its assets a $ 35 million judgment against Eldridge Marketing LLC resulting from a lawsuit in Missouri courts. He also has important judgments against three other defendants in this case, each of whom had previously filed for bankruptcy.

These other defendants – Del Hodges Kimball, Sam S. Furseth and the LTS Management Services payday loan company they owned – each face judgments of nearly $ 18 million in favor of NorthRock.

The total – $ 120.4 million – far exceeds the $ 35.83 million NorthRock listed as its obligations to others.

Among those whom NorthRock owes money is one of its owners. Melvin L. Dunsworth Jr., who is on the record with addresses in Monmouth, Oregon and Dallas, owes NorthRock more than $ 11.5 million of his loans, according to the bankruptcy filing.

Dunsworth and co-owner David Harbor, of Helena, MT, are listed as co-debtors with NorthRock for some of its obligations.

This story was originally published June 14, 2018 12:34 pm.