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.