Friday, October 18, 2013

Western Sky FInancial Closes Operations; Accused of Violating USURY laws. VIG up to 199%

It seems like the VIG from the MAFIA is a better deal, Webb, charges 39 to 199%!!

On Sept. 3, Western Sky Financial/Lakota Cash an online payday loan company located on the Cheyenne River Indian Reservation was forced to close its operations in Eagle Butte and Timber Lake after cash flow used to process loans was cut off.

In August, New York Department of Financial Services Superintendent Benjamin Lawsky filed suit against the company, owned by CRST tribal member Martin “Butch” Webb, accusing him of violating the state’s usury laws that cap interest rates at 25 percent.
The lawsuit also names CashCall Inc. and its affiliate, WS Funding LLC the companies which provide the loans. The lawsuit, seeks to stop the company from offering loans to New York residents and asks that they cancel any currently outstanding loans and repay borrowers any interest and fees charged above the legal limits.

New York Attorney General Eric Schneiderman and several other states including Maryland, Colorado and Nevada have filed similar lawsuits against the company. “I’m deeply saddened that so many members of the Cheyenne River Sioux Tribe have had their lives turned upside down because of regulators and bureaucrats thousands of miles away,” Webb said. “Creating jobs here on the Cheyenne River Indian Reservation has been my proudest accomplishment, and it’s painful to know that my former employees face the prospect of long-term unemployment given the few job opportunities available to them.”

On Wednesday Oct. 9 more than 30 of the 118 former employees of Western Sky along with attorneys Sheryl Bouge and Steve Emery and spokesperson Frank King appeared before the CRST Tribal Council soliciting support to help fight what they believe is encroachment on tribal sovereignty.


Anonymous said...

what was the interest rate?

Anonymous said...

39-199% that's just sicking. Maybe if the "tribe" ran legit a fair biz they would not have been shut down. Tribal sovereignty does not give the right to act like greedy assholes

Anonymous said...

So loan sharking is not protected by sovereignty.

Anonymous said...

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Actually sovereignty does give you the right to act like greedy assholes. Look at many California tribes and their leaders Pala,Pechanga,Chukchansi...they don't allow the tribe or gaming commissions to see where the money is going,won't allow audits if asked by the tribal members, disenroll their own people for profit and claim sovereignty when any outside sources: reporters,courts,BIA question them. Sovereignty is a license for tribal leaders to steal and cheat their your own people no questions asked. Corrupt tribal leaders have been taken to court many times and their only argument "sovereignty" meaning sorry judge you have not right to hear this case no matter what civil,legal or ethical rights we violate of our own people. The only way this will end is with one of those tribal leaders head on a stake "literally" because the courts or BIA is unwilling to help the majority of tribal members and side with the handful of corrupt tribal leaders sovereignty cry and say its a tribal matter fix it. We'll so be it say some! So don't cry when the tribe does fix it any way they can.

Anonymous said...

Their own people ya definetly! But the minute they screw over regular U.S. Citizens and not those second class native citizens the law wants to get involved. The law dose t care if tribal leaders steal from their own people just don't still from other U.S. Citizens. What about Chairman Robert Smith of Pala who has not lived on the Reservation for years but still has his home there and has workers up keep the yard decorate for holidays to keep up appearances so he can claim that address to get out of paying state taxes. It's not hard to see just have the IRS sit out front for a coupe days I live here I know nobody lives in that house and hasnt for years. Is he really that greedy he gets enough money from the tribe as it is what's another $50,000 a year in taxes gonna matter

Elizabeth J. Neal said...

I’m deeply saddened that so many members of the Cheyenne River Sioux Tribe have had their lives turned upside down because of regulators and bureaucrats thousands of miles away,” Webb said. financial advisor india

Anonymous said...

Westernsky offers loans to consumers and then without any warning they sell it to Cashcall. On a $2600 loan we were charged 135%, then it went up for no reason to 278% without any warning.
First if all, Westernsky was operated by a tribal member who was working outside of the reservation who did not have authorization from the tribe to run the business.
WESTERN SKY FINANCIAL is owned wholly by an individual Tribal Member of the Cheyenne River Sioux Tribe and is not owned or operated by the Cheyenne River Sioux Tribe or any of its political subdivisions. WESTERN SKY FINANCIAL is a Native American business operating within the exterior boundaries of the Cheyenne River Sioux Reservation, a sovereign nation located within the United States of America.: