Banking Commissioner Howard F. Pitkin said that CashCall Inc., Western Sky Financial LLC and Martin Webb, owner of Western Sky, had been cited for offering short-term loans to consumers with interest rates of up to 355 percent annually.
Western Sky and CashCall falsely claim that the loans are not subject to state lending laws (including state interest rate caps) because Western Sky's owner, Martin Webb, is a member of the South Dakota Cheyenne River Tribe.
Colorado Attorney General John Suthers announced today that his office has filed a lawsuit against Western Sky Financial, a South Dakota-based online lender, and its principal, Martin A. Webb, for making unlicensed, high-interest loans to Colorado consumers.
Another loophole, which state officials say Lakota Cash owner Martin Webb was trying to employ, involves declaring that a company's affiliation with an American Indian tribe gives the business immunity from U.S. laws.Webb is a member of the South Dakota-based Cheyenne River Sioux tribe, Googel said.
Browse ZoomInfo's company directory. Our company profiles include corporate background information, detailed descriptions, and links to comprehensive employee profiles with verified contact information.