User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


30° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Timber Lake Overnight Loan Company Sued

November 20, 2012, 12:03 PM by Ben Dunsmoor

Timber Lake Overnight Loan Company Sued
TIMBER LAKE, SD -

A South Dakota company advertising its high-interest signature loans on national TV and radio is under scrutiny by several states and the Federal Trade Commission.

Martin 'Butch' Webb, who is a member of the Cheyenne River Sioux Tribe, is running his businesses from Timber Lake on the Cheyenne River Indian Reservation.

Western Sky Financial is one of Webb's companies.  It offers up to $10,000 in signature loans overnight.

But when you take a look at some of the interest rates on the loans on the company's website, you'll find an $850 loan can have up to a 343 percent interest rate.

Attorneys General from Colorado and Missouri and the Maryland Commissioner of Finance and Regulation have filed lawsuits against Webb and his loan companies.

The Federal Trade Commission has also filed a lawsuit saying Webb's companies on the reservation are engaging in unfair and deceptive credit practice and illegally garnishing wages.

But in one case a lawsuit in Illinois against Western Sky was thrown out because the loan agreements say any disputes with the company have to be settled under tribal law on the reservation.

We'll tell you why the company is coming under scrutiny nationally, while at the same time providing valuable jobs on the Cheyenne River reservation, tonight on KELOLAND News.

Previous Story

Next Story


Comments







Sponsored
 

View business

You may also like

Wells Fargo Lays Off Handful Of Workers In Sioux Falls

2/3/2016 2:27 PM

Spokesperson Staci Schiller said nine employees were given a 60-day notice in its home lending department.

Full Story
Out-Of-Court Settlement Reached In Lawsuit Over Wildfire

2/1/2016 7:34 AM

Court documents indicate a federal judge has signed off on a confidential settlement between Black Hills Power and the 87 plaintiffs.

Full Story
IRS Phone Scam Costing KELOLAND Thousands

2/4/2016 3:05 PM

Those aggressive IRS scam calls plaguing KELOLAND have cost South Dakotans tens of thousands of dollars so far.

Full Story
Retired UFC Fighter Shooting Pheasants & A Show In SD

1/29/2016 5:00 PM

An Ultimate Fighting Championship Hall of Fame fighter is hunting in South Dakota fields this weekend, and his experience could bring others to the st...

Full Story | Watch
Toppers Pizza To Open On East 10th Street

2/1/2016 4:13 PM

Toppers Pizza is adding a second Sioux Falls location.

Full Story


Events