A New York jury on Wednesday found Kansas City businessman Richard Moseley Sr. guilty of criminal charges related to a $220 million predatory payday lending operation.
Moseley was convicted of wire fraud, racketeering, aggravated identity theft and other charges stemming from a payday lending business that charged consumers interest rates as high as 700 percent or more.
Moseley is the third Kansas City man to be found convicted of running a usurious payday lending business. Scott Tucker and Tim Muir were convicted in New York last month of running a $2 billion payday lending enterprise that used American Indian tribes as fronts to charge predatory interest rates. Tucker and Muir await sentencing.
Those three criminal convictions, along with civil enforcement actions against several others locally in recent years, have spotlighted Kansas City’s role as a nerve center in the payday lending industry.
Read more: Kansas City Star