â€œGood Catholic menâ€ making a killing in the pay day loan company
Take a good look at this picture of an old choir boyâ€¦Well, really, we donâ€™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 has got been neck deep in the pay day loan company.
Tim Coppinger, in picture from Visitation Catholic Church 1985 directory
At the very least two other former Visitation boys, Vince and Chris Hodes, are also tangled up in that seamy company.
Iâ€™ve been asking myself how exactly does this equate kids that are bedrock Visitation families going to the business of creating fortunes at the cost of the indegent?
I understand that greed is one of many Seven Deadly Sins and therefore it may hit anybody. However itâ€™s nevertheless difficult for me personally to get together again.
For the record, we donâ€™t think Iâ€™ve ever met some of the three; Iâ€™m at the least two decades more than they truly are. But i will be knowledgeable about their moms and dads. Tim Coppingerâ€™s daddy is really a physician that is respected now mostly resigned; their mom an anchor at Visitation Church. The Hodes family members has a rather effective plumbing system supply company, now owned and operated by way of a family member that is third-generation.
A few people in the Hodes family members have now been major contributors to Visitation Church, especially up to a $13-million-plus renovation and expansion of this church, 51st and principal, about a decade ago.
Two sources explained that Tim Coppinger contributed the income in the past for construction of an innovative new track that is running Coppinger Family Track â€” payday loans Dorset at St. Teresaâ€™s Academy, 55th and principal.
My guess is ill-gotten cash compensated for that track. And, in my opinion, that raises a additional problem: Did the St. Teresaâ€™s management and board of directors understand how Tim Coppinger had made their money? If that’s the case, did they ever think about rejecting the funds?
Previously this week, a Kansas City celebrity editorial made note regarding the â€œawkward twistâ€ by which a few of the dirty cash had been later directed to philanthropic reasons.
Tim Coppinger has become a defendant in a Federal Trade Communication lawsuit that says he and another guy, Frampton T. Rowland III, had been in the commercial of â€œbilking cash-strapped consumers away from because much cash as feasible.â€
The FTC alleges that Coppinger and Rowland used personal financial information about people to make phony loans that consumers hadnâ€™t agreed to â€” and that some had never applied for in recently unsealed court filings. The defendants then made one-time electronic deposits in the â€œborrowersâ€ bank accounts and started debiting the reports indefinitely for biweekly â€œfinance costsâ€ of $60 to $90. Nevertheless the amount that is principal frequently $150 to $300 â€” never went away, based on the lawsuit.
Then, you can find the Hodes brothers.
In a December 2013 tale, the Pitch said that Vince Hodes led an ensemble called the Vianney Fund, which this year desired $20 million from investors, having a $100,000 minimum buy-in.
The Pitch quoted the firmâ€™s offering that is initial saying, to some extent:
â€œWe intend to target a lot of the Companyâ€™s efforts and investments on money loans to payday-lending businesses both in the retail and markets that are internet. Nonetheless, the business could also expand credit with other Subprime Borrowers, including check-cashing, rent-to-own, subprime mortgage, and pawn stores.â€
â€œput simply,â€ The Pitch concluded, â€œVianney is an equal-opportunity exploiter of bad individuals.â€
Hereâ€™s just exactly what that same Pitch tale stated about Chris Hodes:
â€œFrom a Brookside building at 601 East Street that is 63rd presides over a number of hard-to-pin-down organizations. Predicated on legal actions filed in the last few years, he is likely very much immersed when you look at the lending industry that is online.
â€œIn 2010, the Arkansas Attorney General sued Arrowhead Investments and Galaxy advertising, in addition to Christopher Hodes (whom it purported to end up being the controller of the two businesses), for lending on the internet to Arkansans at interest levels of 782 per cent. Arkansas legislation caps customer financing prices at 17 percent. The businesses settled and promised not to ever provide into the state once more.â€
Seven-hundred eighty-two %!
We mentioned these dudesâ€™ family backgrounds because that is just a part that is significant of disconnect. Additionally, this really isnâ€™t simply any parish, it is Visitation, among the wealthiest parishes per capita into the Kansas City area, and truly the wealthiest per capita within the city.
I realize that parents can not be held accountable for just what their adult kids do, but We wonder just what the moms and dads think of these specific sonsâ€™ notions of â€œsuccess.â€
Letâ€™s make a very important factor, clear, though: These guys are an embarrassment with their families, to Visitation also to their community.
That exact same KC celebrity editorial stated:
â€œTo its chagrin, the Kansas City area is actually a hotbed for abusive pay day loan operationsâ€¦payday loan operations are toxic enterprises, plus itâ€™s to Kansas Cityâ€™s detriment they received the economic and tech support team to flourish right here.â€
It couldnâ€™t have already been done minus the participation that is willing of whom tossed apart their ethical compasses in the interests of many big paydays. Now, as governments move around in to place a stop with their wrongdoings, allow them to bask in pity.