NEW YORK (AP) — A Tennessee man who founded a network of payday loan companies that prosecutors say charged interest rates far beyond New York limits pleaded not guilty Tuesday.

Carey Vaughn Brown made millions of dollars by extending small, short-term loans at rates that amount to as much as 800 percent a year, Manhattan District Attorney Cyrus R. Vance Jr.’s office said. Under New York law, unlicensed lenders can’t charge more than 25 percent per year in interest on any loan under $2.5 million.

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