NEW YORK (AP) – An appeals court on Tuesday upheld the conviction and 10-year prison sentence for a man who carried out a $ 220 million payday loan robbery that defrauded over half a million people nationwide.
The ruling by the Second Manhattan Court of Appeals upheld the 2018 conviction of Richard Moseley Sr. of Kansas City, Missouri.
The appeals court said Moseley’s arguments were “inconclusive”.
The 76-year-old Moseley was convicted of extortion, fraud and identity theft in 2017 for crimes he committed while running the company from 2004 to 2014.
He was charged with abusing borrowers in New York and other states with interest rates that – many times over – exceeded the maximum rates allowed in those states.
Prosecutors said Moseley’s credit company exploited over 600,000 of the country’s most financially vulnerable people, and then Moseley dodged disgruntled customers and state regulators by operating out of the Caribbean or New Zealand.
When sentenced, a public prosecutor said Moseley was “playing a mole with the supervisory authorities”.
The judge read extracts from a business plan that served as a blueprint for Moseley’s company and said, “If this is a business plan, it is a business plan for a criminal company.”
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