Kansas City payday lender gets 10 years for $220M scheme
KANSAS CITY, Mo. (AP) — A Kansas City payday lender has been sentenced to 10 years in prison for an illegal $220 million scheme to rip off borrowers.
The Kansas City Star reports that a New York federal judge ordered the sentence Tuesday for 73-year-old Rick Moseley Sr. He was convicted last year of racketeering, aggravated identity theft and other criminal charges.
Federal prosecutors said that Moseley’s lending enterprises bilked more than 620,000 customers with illegally high interest rates, or took money from people who had never received a loan.
Moseley’s lending businesses operated out of Kansas City, even though prosecutors said that Moseley created an appearance that the businesses were based in New Zealand or the Caribbean island of Nevis.
Other Kansas City lenders convicted in payday schemes include professional racecar driver Scott Tucker.
Information from: The Kansas City Star, http://www.kcstar.com