Feds arrest two KC-area men in $2 billion payday lending enterprise

Two Kansas City-area payday lenders long accused of collecting outrageous interest fees now face federal charges — and demands that they forfeit to the government billions of dollars in business proceeds.

The indictments against Richard Moseley Sr., 68, and Scott Tucker, 53, a professional race car driver, were unsealed Wednesday in New York, after both men had been arrested in the Kansas City area.

The men separately operated numerous payday loan businesses that charged high interest rates and misled customers nationwide about how much they would have to repay on the loans, authorities allege.

Their first court appearance in New York is scheduled for Tuesday.

Read more: Kansas City Star, Kansas City Business Journal

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