“Good Catholic men” making a killing in the loan business that is payday
Have a look at this picture of an old choir boy…Well, actually, we don’t understand that he was once a student at Visitation Grade School and later Rockhurst High School and is from a highly regarded Visitation family if he was a choir boy but I do know.
As a grown-up, nevertheless, he has got been neck deep in the pay day loan company.
Tim Coppinger, in picture from Visitation Catholic Church 1985 directory
At the very least two other former Visitation boys, Vince and Chris Hodes, are also taking part in that seamy company.
I’ve been asking myself so how exactly does this equate kids that are bedrock Visitation families going to the company of creating fortunes at the cost of the indegent?
i realize that greed is among the Seven Deadly Sins and therefore it could hit anybody. Nonetheless it’s nevertheless difficult for me personally to get together again.
For the record, I don’t think I’ve ever met some of the three; I’m at the least two decades more than they’ve been. But i will be acquainted with their moms and dads. Tim Coppinger’s daddy is a physician that is respected now mostly resigned; their mother an anchor at Visitation Church. The Hodes family members has a really effective plumbing work supply company, now owned and operated with a family member that is third-generation.
A few users of the Hodes household have already been major contributors to Visitation Church, especially to a $13-million-plus renovation and expansion for the church, 51st and Main, about ten years ago.
Two sources said that Tim Coppinger contributed the funds in the past for construction of an innovative new operating track — Coppinger Family Track — at St. Teresa’s Academy, 55th and principal.
My guess is the fact that ill-gotten cash compensated for the track. And, for me, that raises a additional problem: Did the St. Teresa’s management and board of directors discover how Tim Coppinger had made their money? In that case, did they ever think about rejecting the cash?
Previously this week, a Kansas City Star editorial made note associated with twist that is“awkward by which a few of the dirty cash had been later directed to philanthropic reasons.
Tim Coppinger has become a defendant in a Federal Trade correspondence lawsuit that claims he and another guy, Frampton T. Rowland III, were in the industry of “bilking cash-strapped consumers away from because much cash as feasible.”
The FTC alleges that Coppinger and Rowland used personal financial information about people to make phony loans that consumers hadn’t agreed to — and that some had never applied for in recently unsealed court filings. The defendants then made one-time deposits that are electronic the “borrowers” bank records and started debiting the records indefinitely for biweekly “finance costs” of $60 to $90. Nevertheless the major amount — frequently $150 to $300 — never went away, based on the lawsuit.
Then, you will find the Hodes brothers.
The Pitch said that Vince Hodes led an outfit called the Vianney Fund, which in 2010 sought $20 million http://pdqtitleloans.com/title-loans-ne/ from investors, with a $100,000 minimum buy-in in a December 2013 story.
The Pitch quoted the firm’s initial providing as saying, to some extent:
“We intend to target a lot of the Company’s efforts and investments on money loans to payday-lending organizations both in the retail and markets that are internet. But, the business might also expand credit with other Subprime Borrowers, including check-cashing, rent-to-own, subprime mortgage, and pawn stores.”
“Or in other words,” The Pitch concluded, “Vianney is an equal-opportunity exploiter of bad individuals.”
Here’s exactly what that same Pitch tale stated about Chris Hodes:
“From a Brookside building at 601 East 63rd Street, he presides over many different hard-to-pin-down organizations. Centered on legal actions filed in the past few years, he could be likely very much immersed when you look at the lending industry that is online.
“In 2010, the Arkansas Attorney General sued Arrowhead Investments and Galaxy advertising, along with Christopher Hodes (who it purported to end up being the controller of the two businesses), for lending on the internet to Arkansans at interest levels of 782 percent. Arkansas legislation caps customer financing prices at 17 %. The businesses settled and promised to not ever provide into the state once more.”
Seven-hundred eighty-two percent!
We raised these dudes’ family backgrounds because that is just a part that is significant of disconnect.
additionally, this is certainlyn’t simply any parish, it is Visitation, one of several wealthiest parishes per capita when you look at the Kansas City area, and definitely the wealthiest per capita within the town.
I am aware that moms and dads may not be held accountable for just what their adult kids do, but We wonder just exactly just what the moms and dads think of these sons that are particular notions of “success.”
Let’s make the one thing, clear, though: These guys can be an embarrassment for their families, to Visitation also to their community.
That exact same KC celebrity editorial said:
“To its chagrin, the Kansas City area has grown to become a hotbed for abusive pay day loan operations…payday loan operations are toxic enterprises, plus it’s to Kansas City’s detriment which they received the economic and tech support team to flourish here.”
It couldn’t have already been done minus the prepared involvement of men and women whom tossed apart their moral compasses with regard to numerous big paydays. Now, as governments move around in to place a end for their wrongdoings, allow them to bask in pity.