A payday lending executive who New York prosecutors say violated the state's usury laws is set to be arraigned Tuesday in a Manhattan court.

Manhattan District Attorney Cyrus Vance has charged a dozen online companies and their owner with participating in a "systemic and pervasive usury scheme," according to a copy of the indictment provided by Vance's office.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.