Conviction and 10-year phrase upheld in pay day loan scam

Conviction and 10-year phrase upheld in pay day loan scam

NY (AP) — An appeals court on Tuesday upheld the conviction and 10-year phrase for a guy whom went a $220 million predatory payday financing operation that cheated more than a half-million people nationwide.

The ruling by the second U.S. Circuit Court of Appeals in Manhattan kept intact the 2018 sentencing of Richard Moseley Sr., of Kansas City, Missouri.

The appeals court stated Moseley’s arguments were “unpersuasive.”

Moseley, 76, had been convicted in 2017 of racketeering, fraudulence and identification theft for crimes committed while he went the ongoing business from 2004 to 2014.

He had been charged with abusing borrowers in ny as well as other states with interest prices exceeding — by numerous multiples — the most appropriate rates of interest permitted in those states.