U.S. Court of Appeals for the Second Circuit. (Photo: Bumble Dee/Shutterstock) 2nd Circuit Upholds Conviction of Missouri Man Sentenced to 10 Years in Payday Lending Scheme
Federal prosecutors in the Southern District of New York alleged that, for more than a decade, Richard Moseley Sr. and his firm, Hydra Lenders, exploited financially vulnerable customers across the country, extending loans at interest rates of more than 700%.
November 03, 2020 at 05:40 PM
3 minute read
The U.S. Court of Appeals for the Second Circuit on Tuesday upheld the conviction of a payday lending company executive sentenced to 10 years in prison on federal racketeering charges for running a $220 million scheme that preyed on more than 620,000 people nationwide.
A three-judge panel of the Manhattan-based appeals court rejected Richard Moseley Sr.'s arguments attacking his 2017 conviction for violating the Racketeer Influenced and Corrupt Organizations Act and the Truth in Lending Act.
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