Tuesday, June 12, 2018 4:40 pm
Businessman gets 10 years in prison for payday loan scam
NEW YORK – A businessman who ran a $220 million predatory payday lending operation that cheated over a half million people nationwide has been sentenced to 10 years in prison.
Richard Moseley Sr., of Kansas City, Missouri, was sentenced Tuesday by U.S. District Judge Edgardo Ramos in New York.
Prosecutors say Moseley's loan company exploited over 600,000 of the most financially vulnerable people in the country. His company had been charging interest rates as high as 700 percent or more using deceptive practices.
Moseley had been convicted last November of racketeering, fraud and identity theft. He ran the company between 2004 and 2014.
The 73-year-old must also forfeit $49 million.
Moseley says he felt shame about the harm he had caused so many people.
A prosecutor says Moseley was "enormously greedy" and "arrogant."