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

DA Vance announced the guilty pleas of Carey Vaughn Brown, as well as two companies he operated and controlled, Credit Payment Services, Inc., and Mycashnow.com, Inc., to Criminal Usury in the First Degree for engaging in a scheme to make multiple short-term, high-interest loans – known as “payday” loans – to Manhattan residents. As part of a plea agreement, Brown has already forfeited $3 million, and is bound by the terms of the agreement to pay an additional $6 million in forfeiture to victims.