YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Richard Moseley Sr. lost his conviction appeal after he was found guilty of running a $220 million payday lending scheme.
Moseley previously was found guilty of racketeering, fraud and identity theft related to a group of companies called Hydra Lenders. Despite his claims that the operation was based overseas, it actually operated in Kansas City.
Investigators found Hydra Lenders made payday loans to people who had inquired but never agreed to take them out. Other findings included Hydra Lenders deducting funds from customers' bank accounts to cover interest payments and not the principal balance.
Read more from the Kansas City Business Journal.
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