Little Loan Shoppe owner arrested
When confronted by a reporter, Doris “Dee” Nelson, right, breaks down crying while her husband Dennis, left, looks on at their rural home in north of Colbert Thursday, Sept. 22, 2011. Federal prosecutors filed a 110-count felony indictment Thursday, Nov. 17, against Dee Nelson, architect of an alleged international Ponzi scheme that netted $126 million to prop up payday lender Little Loan Shoppe.
Federal prosecutors filed a 110-count felony indictment Thursday against Doris “Dee” Nelson, architect of an alleged international Ponzi scheme that netted $126 million to prop up payday lender Little Loan Shoppe.
Nelson asked for a federal public defender during an initial appearance in U.S. District Court on Thursday afternoon. U.S. Magistrate Judge Cynthia Imbrogno wanted to review financial disclosures before giving Nelson a taxpayer-funded defense attorney.
Nelson will remain in custody until a Monday bail hearing.
Criminal defense attorney Carl Oreskovich, who has been working on behalf of Nelson and sat in the audience section of the courtroom, declined to comment on the charges.
Nelson faces 71 counts of wire fraud, 21 counts of mail fraud, and 16 counts of international money laundering.
Agents with the Federal Bureau of Investigation and the Internal Revenue Service arrested Nelson Thursday morning — an action widely anticipated in the wake of a complicated business bankruptcy, a court-ordered financial examination that uncovered fraud, and a broad civil action brought against Nelson and others last September by the U.S. Securities and Exchange Commission.
Nelson on Wednesday asserted her Fifth Amendment rights against self incrimination in the separate SEC case.
The grand jury indictment unsealed Thursday accuses Nelson of building a network of 800 investors, many of whom bought promissory notes assuring them a 40 percent to 60 percent annual return.
While most of the money went into the business, Nelson is accused of using millions to fund home improvements, gambling jaunts to Las Vegas, shopping sprees, luxury sport cars and high salaries.
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Prosecutors allege she lived an extravagant lifestyle with the money from the business. Details in the indictment allege that Nelson paid herself millions of dollars and put personal expenses of $374000 on company credit cards within two years.
He had been a teacher in the district since 2002 and told school officials he changed grades for money because he was having financial trouble amid a bankruptcy, arrests and jail time. “Maybe I see the kids are as desperate as I am,” he told the
Extension Agent Vickie Clark said Tennessee now requires a personal finance class in high school, as the state ranks fifth in the nation for bankruptcy filings. “We are really, really high in bankruptcy and loan defaults, so it is a problem and
These are debts such as credit cards, medical bills, some personal loans and utility bills. These debts are considered unsecured because they are not secured against any asset as collateral on the loan. Since there is no asset held as collateral,
After a Bankruptcy Has Discharged: 3 Personal Loan Tips
For most people, going through bankruptcy brings with it a mix of emotions. On the one hand, there can be a sense of disappointment at having to take such a drastic measure in order to get one s financial life back on track. There can also be some guilt that comes from not being able to repay debtors, and even a sense of failure.
At the same time, bankruptcy can bring with it huge feeling of relief for finally being out from under all of that debt. In particular, this feeling of relief can be the strongest when you are discharged from owing money to most or all of your creditors.
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A bankruptcy discharge is simply a provision within many bankruptcy arrangements whereby you, the borrower or debtor, are released from any further personal liability for certain types of debts. After your discharge, you are no longer required to repay the qualifying debts.
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Note that some types of debts such as those with a valid lien or charge upon a specific property will remain owed by you even after the discharge. There may be other types of debts, such as some types of student loans, for which you will remain responsible even after the bankruptcy.
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As you know, once you have been through a bankruptcy, for a period of a number of years you will not be able to quality for many types of credit or loans. However, that does not mean you will not have the need for a loan: your need for cash will still be there even after bankruptcy, of course. Fortunately, some lenders special in making personal loans to people in your situation.
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