Bodybuilding Gym Teacher Accused Of Being Loan Shark

The Nassau County DA's office has charged a NYC teacher with loan sharking, claiming that Queens ISI 141 gym instructor Sean Harris "lent a third party $40,000 at an annual interest rate more than four times the legal limit."

Harris, 36, allegedly "agreed to lend $40,000 to a third party at an interest rate of 2% per week, amounting to an annual interest rate of 104%." The legal limit is 25%.

When he's not teaching, Harris is a professional bodybuilder and has a pending case for "Criminal Possession of a Controlled Substance in the Seventh Degree for steroid possession." His new charge is "Criminal Usury in the Second Degree," and DA Kathleen Rice said, "This defendant was trusted to educate children and serve as a positive role model in their lives, but instead he conducted himself like a common criminal." The NYC Department of Education tells the Post that Harris has been removed from teaching since earlier this year.

His lawyer declined to give a statement, telling Newsday Harris will "fight this charge in court, not in the press."

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By Jen Chung in News on December 8, 2011 1:07 PM

Comments [rss]

ogoog

2% compounded weekly for 52 weeks amounts to approximately 280% per year.

"Tim Osman"

Update - Sean Harris to be added to the cast of MTV's "The Jersey Shore" - pending a proper tan

Christopher

Patton Oswalt's juicehead brother?

JarekAF

He should've just said he was a payday lender, and presto, no problem.

But seriously, pay day lenders lend at APR's at over 100% (once you include fees) for short term loans.

But when the powerful do it (pay day lenders), they just lobby to make it legal. If some schmuck does the same thing, throw the book at him!

Seriously, Citi sued so that they could get out of states' usury laws (so that, you're only regulated by the state of incorporation, so, if NY has a limit of 35% APR, you just have your credit cards regulated under South Dakota law, which has no limit, which makes you immune to NY Usury laws.