“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, really, 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 grownup, nevertheless, he’s got been neck deep in the cash advance company.
Tim Coppinger, in picture from Visitation Catholic Church 1985 directory
At the least two other previous Visitation boys, Vince and Chris Hodes, have also associated with that payday loans VA seamy company.
I’ve been asking myself how can this equate kids that are bedrock Visitation families going to the company of earning fortunes at the cost of the indegent?
I realize that greed is one of several Seven Deadly Sins and therefore it could hit anybody. However it’s nevertheless difficult in my situation to reconcile.
For the record, we don’t think I’ve ever met some of the three; I’m at the least two decades over the age of these are typically. But i’m knowledgeable about their moms and dads. Tim Coppinger’s daddy is just a physician that is respected now mostly resigned; their mom an anchor at Visitation Church. The Hodes family members has a rather effective plumbing work supply company, now owned and operated by a family member that is third-generation.
Several people in the Hodes household have already been major contributors to Visitation Church, specially to a $13-million-plus renovation and expansion for the church, 51st and Main, about a decade ago.
Two sources said that Tim Coppinger contributed the income in the past for construction of a fresh track that is running 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, in my experience, that raises an issue that is secondary Did the St. Teresa’s management and board of directors understand how Tim Coppinger had made their cash? If that’s the case, did they ever start thinking about rejecting the funds?
Early in the day this week, a Kansas City celebrity editorial made note associated with the “awkward twist” by which a number of the dirty cash had been later directed to philanthropic factors.
Tim Coppinger is currently a defendant in a Federal Trade correspondence lawsuit that claims he and another guy, Frampton T. Rowland III, had been in the commercial of “bilking cash-strapped consumers away from since money that is much 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 electronic deposits in the “borrowers” bank records and started debiting the reports indefinitely for biweekly “finance fees” 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.
In a December 2013 story, the Pitch stated that Vince Hodes led an ensemble called the Vianney Fund, which this year desired $20 million from investors, by having a $100,000 minimum buy-in.
The Pitch quoted the firm’s initial providing as saying, in component:
“We intend to concentrate most of the Company’s efforts and investments on financing loans to payday-lending businesses in both the retail and Internet markets. Nonetheless, the business might also expand credit to many other Subprime Borrowers, including check-cashing, rent-to-own, subprime mortgage, and pawn shops.”
“put simply,” The Pitch concluded, “Vianney is an equal-opportunity exploiter of bad individuals.”
Here’s what that exact 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 businesses. Predicated on legal actions filed in modern times, he is likely very much immersed into the lending industry that is online.
“In 2010, the Arkansas Attorney General sued Arrowhead Investments and Galaxy advertising, also Christopher Hodes (who it speculated to function as controller of the two organizations), for lending on the internet to Arkansans at interest levels of 782 per cent. Arkansas legislation caps customer financing prices at 17 %. The firms settled and promised to not ever provide into the state once again.”
Seven-hundred eighty-two %!
I raised these dudes’ family backgrounds because that is a part that is significant of disconnect.
additionally, this really isn’t simply any parish, it’s Visitation, one of the wealthiest parishes per capita into the Kansas City area, and definitely the wealthiest per capita when you look at the town.
I realize that parents may not be held accountable for just what their adult kids do, but We wonder exactly what the moms and dads think of these specific sons’ notions of “success.”
Let’s make the one thing, clear, though: These guys are an embarrassment with their families, to Visitation also to their community.
That KC that is same editorial stated:
“To its chagrin, the Kansas City area is actually a hotbed for abusive pay day loan operations…payday loan operations are toxic enterprises, plus it’s to Kansas City’s detriment they received the economic and tech support team to flourish right here.”
It couldn’t have now been done with no participation that is willing of whom tossed apart their ethical compasses with regard to numerous big paydays. Now, as governments move around in to place an end with their wrongdoings, allow them to bask in pity.