This week, it was announced that Richard Moseley Sr. had been sentenced to 120 months in prison after being found guilty of racketeering, fraud and identity theft offenses for operating an illegal payday lending enterprise. The defendant was convicted following a three-week jury trial. It was determined that from 2004 to 2014, the defendant owned and operated Hydra Lenders, a group of payday lending businesses. The businesses issued and serviced small, short-term, unsecured loans or payday loans through the Internet.
For almost a decade, Moseley exploited more than 620,000 working people throughout the United States. Many of the victims were struggling to pay for basic living expenses. Moseley used the business to target and extend loans to individuals at illegally high interest rates of more than 700 percent using deceptive and misleading communications and contracts.
In addition to the 10-year prison sentence, 73-year-old Moseley of Kansas City, Missouri was also sentenced to three years of supervised release. He has also been ordered to forfeit $49 million. For additional details, be sure to click here.