Payday loan executive to fork out $850,000 to settle FTC fraud complaint

The technology officer of a payday loan marketer the Federal Trade Commission says illegally debited the bank accounts of hundreds of thousands of cash-strapped consumers agreed in a settlement to pay $850,000 for his role.

The FTC has been cracking down on payday lending and other types of predatory financial services as part of a broad campaign to protect consumers made vulnerable by the Great Recession.