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Savannah, Mo. Former Treasurer Faces 52 Federal Charges of Fraud

Savannah, Mo. Former Treasurer Faces 52 Federal Charges of Fraud

A woman is currently being charged of 52 federal offenses after she illegally got her hands on over $900,000.

Vicky D McDonell, a 61 year old is facing the federal grand jury for allegedly obtaining cash illegally from two companies from Savannah, Mo. She will soon be facing complaints of fraud; 44 of them are wire fraud, 4 are bank frauds, 3 mail fraud and aside from fraud she is facing a count for false statement. McDonell is looking at 75 years imprisonment if she is proven guilty of all the offenses.

The documents in court say that McDonell started to loot from the companies since 1997 when she held the position of treasurer and also a partner to MPC Billboards Inc. and Max Pro Consultants Inc.

These two companies are operational in Savannah, Mo., and are owned of business men Guy Defenbaugh, Fred Ramsay and James Morten.

According to the court, McDonell held the books of the companies, she also oversaw the operations in the office, she took head of the financial department, took care of the bills and billed and collected the account receivables from customers. She did all the financials for the companies without the supervision of the three owners; they had trusted everything to her completely.

The accused treasurer is being suspected of having written herself checks from the business to take care of her personal expenditures. These include her automobile payments, renovation and landscape makeover of her house, and even gifts. She also had unauthorized loans and checks written to her children and her mother for over $35,000 she has done this for almost 12 years.

Moreover, Ms. McDonell was said to have used the credit card of the company to pay for her own expenses and arranged that the cash statements would be mailed to her home address.

It was also said that she may have overpaid her own salary by $392,695. According to the FBI, she has given confessions to stealing some of the money. If she is proven guilty she is going to have to relinquish properties that she had gotten from the scheme and proceeds from $906,425.25 with interest.

Man Arrested for Series of Payday Loan Store Robberies

Man Arrested for Series of Payday Loan Store Robberies

Aurora police was able to catch a 38 year old man who has been responsible for a series of store robberies. His victims are short-term loan establishments, six of which were in Elgin.

Kane country court is going to hold Fernando D. Zavala’s case. According to the police, he was caught robbing two different stores in just one day. After his arrest the local authorities contacted Elgin because the suspect’s description was similar to many claims in the region.

Some of the places that he attacked were La Hacienda, Walnut Ave, a supermart in Armando, 925 N. in Liberty Street, Pay Day Loan Store, Cash Store and many others. His massive robberies started from August last year.

Elgin Police says they are sure that they caught the right man because he confessed to the crimes. The police also shared that they had no idea that he had victimized that many stores because he held no records of crimes. Most of the stores he had targeted were engaged in the payday loan business.

The criminal said he had hurt no body during his hold-ups, but he refused to reveal how much money he had stolen. Dan Ferrelli, the spokesman for Aurora Police said that Zavala was captured in June 22 after he put up a chase with the authorities. The police responded to a holdup alarm from Check-N-Go, 1276 N. Lake St., after he had stolen from the store and threatened the clerks with a gun, which turned out to be a fake.

He also ordered the clerks to open a safe, but after he was told it had a 10 minute delay alarm he ran out the store through the back door. That was when a short chase broke and he was caught with $1,070 and his toy gun.

He was questioned by the authorities and they found out he had also robbed another store, the Payday Loan Store in 954 E. New York St., earlier that day. He is now faces aggravated armed robbery charges and each of these robberies would cost him 15 years of imprisonment. Zavala is currently behind bars in Kane Country jail on a $1.2 million bail.

Financial Institutions Open Their Doors to Subprime Lending Again

Financial Institutions Open Their Doors to Subprime Lending Again

Banks are starting to open up to subprime lending once again. Equifax spokesperson, Daryl Toor confirmed that in a statement, he further explained that it will not be easy to get a loan if your credit score is below 660 in the FICO credit standards, though consumers are seemingly more responsible and wiser with how they handle their finances.

Bad credit will cost you 5 to 10 percent more when you loan compared to those with stellar credit. Banks would charge you more than the average rates and tie you up with a three year contract that disallows you from increasing your rates in the first year the account is opened.

The ratio of subprime clients have increased this year by 41% compared to 2011 according to Equifax. Credit card insurance for people with VantageScores (those within the 601 to 700 range) has increased to 21% in the first three months of 2012 which is the highest number since 2008.

Those with credit ratings under 600 however are still stuck with limited opportunities. According to Ezra Becker, the vice president of the research and consulting of TransUnion, not everyone is given the chance of a loan because not everyone pays them back, and these high risk clients are among those who are unlikely to pay their loans on time.

The number of credit delinquencies has decreased now and this development greatly contributes to the reason why banks are more comfortable with lending to people with troubled credit standing.the economy in the United States is starting to recover from the great recession it encountered in 2008.

Banks’ credit scores continue to improve and according to TransUnion, the marketing effort is fueling this improvement. Banks and other financial lenders are marketing their services to clients and thus more people are becoming interested in the business.

White Collar Workers Also Apply for Payday Loans

White Collar Workers Also Apply for Payday Loans

Based on the data from a study, not only low paid workers are applying for high-interest payday loans but also professionals in well-paid jobs, for instance, doctors, lawyers and accountants.

The survey was conducted by a certain payday lender and results showed that 7 percent of payday loan applications in the previous year are by workers receiving high salaries.

A 35-day payday loan allows people to borrow money from £100 to £1,000 until their paycheck arrives, and one half of the applicants are composed of white collar workers. Of the one half white collar applicants, 28 percent are working in the field of management, with 26 percent working in sales and marketing.

Jason Gardiner is the creator of the, which is a short-term online lender. Gardiner is also the one who conducted the study and according to him, the results are in contrast with the conventional perspective that low-paid or jobless people are the only ones who apply for payday loans.

Gardiner added that 7 percent of payday loan applicants are lawyers, accountants or doctors. This proves that when income is not taken into account, people will at one time need a short-term loan to carry on until their next paycheck comes.

Furthermore, Gardiner said that these professionals are applying for payday loans because of an unexpected cost increase, which can happen to anyone in spite of the amount of their salary.

Consumer Focus statistics show that payday loans market is becoming widespread, where borrowers increased from 300,000 during 2006 to 1.9 million during 2010. The industry is accused of targeting people with financial problems, provoking the Office of Fair Trading (OFT) to examine whether or not firms pursue consumers ineligible for credit. However, payday lenders claim that they are providing a service that is needed by consumers and that their high interest rates are most of the time clearer compared to those of typical banks.

You Can Get Bad Debt Through Credit Card Over Spending

You Can Get Bad Debt Through Credit Card Over Spending

Decades ago, personal loans and financial loan from banks were not very popular in the industrial market, thus consumers buy their commodities with cash, and debts were not a major problem for individuals as well.

Today, the situation has changed tremendously. Consumers tend to buy everything with their credit cards and they rarely pay or carry cash with them. This often leads to overspending, and overspending leads to over commitment, which leads to bad credit.

Over the years, the rate of borrowing of individual families has increased to 12.5 as of the month of December last year; this is alarming because if nothing is done about it, it will be a sure blow to the United States’ economy. The government has already tried to control the situation by imposing the Guidelines to Responsible Lending last September of 2010.

Banks are starting to make a business out of customers by making personal loans easier to apply for. They have come up with many marketing strategies to encourage customers to borrow from them; the most recent is a preapproved loan which would entitle someone to a personal loan without the need to sign any documents.

Good debts can get you interest revenues from the loans you have, however if you are not going to plan on these debts, they might back fire and turn into bad debts. The lending market is still healthy for now, and financial institutions are still providing loans for people even if the Bank Negara is ruling against it.

Here are some situations that you must be careful not to over-commit because the repayment of your loan might become a huge problem.

First, if you have lost your job and you have too many liabilities to pay and no means to pay them until you get a new job, then you are in trouble. To save yourself from this situation you should make sure you have saved money to sustain you in case of emergencies.

Second, if you your debts become more expensive. According to statistics by the Negara Bank, the basic household expenses have grown to 88.6 per cent from 1993 to 2010. It is in our nature to spend more when we have more money, thus in order to prevent trouble we must learn to be conscious in our spending all the time regardless with how much money we are carrying.

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