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

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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 the latest York alleged that, for longer than 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 a lending that is payday administrator sentenced to a decade in prison on federal racketeering prices for owning a $220 million scheme that preyed on significantly more than 620,000 individuals nationwide.

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