Guilty plea in payday loan scheme

“Alvin Allister Ambrose, 37, the owner and operator of First Cash Express, faces up to 8 years in prison and fines of up to $75,000 misuse of over $5,000,000 solicited from 180 investors to provide “payday” loans to borrowers with high rates of return to the investors.”

A lot of the money was misappropriated for personal use for real estate speculation business, a Carribean cruise, diamond rings, furniture and his wife’s law school tuition.

You can read the full article here.

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