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Payday Loan Scammer Gets 10 Years For $220M Scheme

Law360, New York (June 12, 2018, 6:34 PM EDT) -- A Manhattan federal judge sentenced a convicted loan shark to 10 years in prison Tuesday for a decadelong payday lending scam, rejecting the 73-year-old defendant’s effort to blame the brother of a fellow convict for convincing him to set up the businesses.

U.S. District Judge Edgardo Ramos also ordered Richard Moseley Sr. to forfeit $49 million of proceeds from his companies, which took in $220 million over a decade until 2014 by siphoning money from the accounts of financially vulnerable clientele.

In 2006, Moseley established business...
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