November 23, 2018 / 12:45 PM / in 4 months

Payment processor for payday lenders ordered to forfeit $6 mln

Intercept Corp, a North Dakota company that processed payments for high-interest payday loans, was ordered to forfeit nearly $6 million in criminal proceeds after pleading guilty to operating an illegal money transmitting business, the U.S. Justice Department announced.

In a statement on Tuesday, U.S. Attorney William McSwain in Philadelphia said the company also was placed on two years’ probation and fined an additional $500,000 to be paid to the court.

To read the full story on Westlaw Practitioner Insights, click here:

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