second Circuit Upholds Conviction of Missouri Man Sentenced to a decade in Payday Lending Scheme

Federal prosecutors into the Southern District of the latest York alleged that, for over ten years, Richard Moseley Sr. and his company, Hydra Lenders, exploited economically vulnerable clients across the nation, expanding loans at rates of interest in excess of 700per cent.

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The U.S. Court of Appeals for the 2nd Circuit on Tuesday upheld the conviction of a payday home loan company professional sentenced to ten years in jail on federal racketeering costs for managing a $220 million scheme that preyed on a lot more than 620,000 individuals nationwide.

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