2nd 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 susceptible clients across the united states, expanding loans at interest levels of greater than 700per cent.

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The U.S. Court of Appeals for the 2nd Circuit on Tuesday upheld the conviction of a payday mortgage lender administrator sentenced to ten years in prison on federal racketeering prices for managing a $220 million scheme that preyed on significantly more than 620,000 individuals nationwide.

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Tom McParland of brand new York Law Journal could be contacted at email protected Follow him on Twitter @TMcParlandALM.

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