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Federal Prosecutors Target Possible NYC Taxi Loan Fraud

Posted by YellowCabNYC on September 14, 2019

Federal prosecutors have opened an investigation into possible lending fraud in New York City’s troubled yellow taxi industry.

The New York Times reports the U.S. attorney’s office in Manhattan is investigating the lending practices that led thousands of cab drivers to take out high-risk loans that left them buried in debt.

Drivers who took out large loans to buy the medallions that allow a person to operate a yellow taxi were crushed by debt when the value of a medallion plunged from more than $1 million in 2014 to less than $200,000 today.

More than taxi 950 medallion owners have filed for bankruptcy, and the crisis has been blamed for a string of driver suicides.

NYC Reacts to For-Hire Vehicle Limit

The fight over for-hire vehicles continues to rage in New York City. Gaby Acevedo reports.(Published Wednesday, Aug. 7, 2019)

The emergence of Uber and other ride-hail services has been a major cause of the medallions’ drop in value. But critics say the credit unions and other lenders that encouraged immigrant drivers with little command of English to take out risky loans are partly to blame for the crisis.

Federal prosecutors have not commented on the investigation, but two drivers told the Times they had been interviewed by federal agents as part of the probe.

“I told them everything,” said driver Mohammed Hoque, an immigrant from Bangladesh who said he drove six days a week, 12 hours a day, but still fell behind on his payments.

Taxi industry leaders including the lenders who provided the loans have denied any wrongdoing and blamed the medallion owners for taking on too much debt.

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Drivers Lounge

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jack black: may

Jose Bataller. Cab driver for 32 years in NYC.: No more right turns at 42nd street and Lexington Av eastbound. Until know We could make them from 10.00 AM to 4.00 PM and then at night. It's clear that those policies from City Hall do not help in nothing other than agraviate drivers more and more and more for no reason.

Omar: This website should be the #1 portal of the latest stories reported by every one of you, because so much going on and must talk about it for a change, otherwise driving taxicab in NYC will be the lowest paid job.

Jose Bataller. Cab driver for 32 years in NYC.: To all of You cab drivers: We cannot drop off or pick up passengers any more at the first building of the Porth Authority Bus Terminal between 40th and 41st street and 8th Av. Everything has to be done in the second building between 41st and 42nd street and 8th Avenue. At the same time no more left turns are allowed at 42nd street and 8th Av. Go figure!!!!

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Carina Pagani: I left my phone in the cab and i can locate it on find my iPhone just trying to reach the cab driver

Jose Bataller. Cab driver for 30 years in NYC.: Do not let fleets hold your credit card money. 718 3915539 is the phone of Driver's protection office of the Taxi Limousine Commission. It did work well for me after my taxi fleet hold a lot of drivers money for 3 and four days. It's driversmoney and taxi fleets have toputthis money in a separate account and do not touch it for other purposes.

Jose Bataller. Cab driver for 30 years in NYC.: Today is the anniversary number 7, yes, I said number seven, that yellow cab drivers, yes, us, yellow cab drivers, had the latest metered fare increased. 7 years without any increase in our pockets. Under mayor Bloombr We had 3 increasesin 2004, 2006 and the last ne 2012. Under 'LIBERAL DEMOCRAT PROGRESSIVe" De Blasio nothing, nada, nada......the mother f-cker forgot us. Thanks to Him and the governor for Uber, working harder and harder to survive and getting worse. Tickets here, tickets there and tickets everywhere. He put the police against us. The hell with De Blasio and the hell with Cuomo.

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Caitlin Amos: I was in cab 7F79 on August 5th 2019 at 828pm and the driver said the card didn’t go through but it was charged. It was 12.36. I paid in cash as well because I didn’t have time to figure it out. I would like my money put back on my card. I will be contacting my bank as well. Thank you

Omar: Getting hot and steamy in most yellow cab because the partition. That's why UBER is the preferred choice for the rich people and for those who hates taxi-TV!

Ramirez: What's going on? Are we paralyzed, nobody care about the yellow cab industry, - drivers are struggling, so the congestion, the toxic pollution from the motor vehicles, and diesel trucks and busses. Sitting and driving minimum 10 hours a day, without any break for the minimum wages or less ...

P: What is the guaranteed minimum wages for the NYC cabdrivers?

Weekly Driver: I did see one on Broadway; charging $2.00/minute!

Trend!: ELF The Solar powered taxi tricycles are on the road!

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Weekly Driver: Simple Taxi Garage; few minutes from the subway! Visit us for the best lease! 44-33 37th Street (between Queens blvd & 47th ave.) Our drivers are the best in NYC!

Omar: Every yellow cab should be equipped with dash-cam or body cam! Video cameras are everywhere, but somehow only in few cabs!

Rah hudson: I have video evidence of harassment and illegal actions Taken by the driver of 7D48A Cab

TJ: Über, Über Eats … What's next? Lunchtime for the cabbies or starvation?

»




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