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DA Vance Announces Guilty Pleas of “Payday” Lenders for Criminal Usury Scheme

DA Vance Announces Guilty Pleas of “Payday” Lenders for Criminal Usury Scheme

Manhattan District Attorney Cyrus R. Vance, Jr., announced the accountable pleas of CAREY VAUGHN BROWN, 57, as well as two organizations he operated and controlled, CREDIT PAYMENT SERVICES, INC. (“CPS”) and MYCASHNOW, INC. (“MYCASHNOW”), to Criminal Usury in the 1st Degree for participating in a scheme which will make numerous short-term, high-interest loans – referred to as “payday” loans – to Manhattan residents. As an element of a plea contract performed might 12, 2016, BROWN has forfeited $3 million, and it is limited by the terms of the agreement to cover an extra $6 million in forfeiture to victims. A compensation fund will be set up by the Manhattan District Attorney’s Office’s Asset Forfeiture Unit to compensate verified victims of BROWN’s payday lending scheme under the terms set forth in a forfeiture order.

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