second Circuit Upholds Conviction of Missouri Man Sentenced to ten years in Payday Lending Scheme

second Circuit Upholds Conviction of Missouri Man Sentenced to ten years in Payday Lending Scheme

Federal prosecutors when you look at the Southern District of brand new York alleged that, for over ten years, Richard Moseley Sr. and his company, Hydra Lenders, exploited economically susceptible 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 the lending that is payday administrator 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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