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Payday Lender Convicted Of Running $220M 'Offshore' Racket

Law360, New York (November 16, 2017, 5:33 PM EST) -- The operator of an online payday lending firm was convicted by a Manhattan federal jury on all charges against him Wednesday over his alleged $220 million, yearslong campaign to deceive borrowers, regulators and even his own lawyers into believing that his companies were based offshore and not bound by U.S. law.

Richard Moseley Sr., 73, was convicted of wire fraud, aggravated identity theft and violating the Racketeer Influenced and Corrupt Organizations Act and the Truth in Lending Act related to his role atop a network of companies that raked in $220 million by hiding important terms in small print and holding...

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