KC payday lender Moseley sentenced to 10 years in prison

Rick Moseley Sr., one of a number of payday lenders from the Kansas City area whose business practices have come under federal scrutiny, was sentenced on Tuesday to 10 years in prison.

In November, Moseley was convicted for wire fraud, racketeering, aggravated identity theft and other criminal charges.

Prosecutors said Moseley’s businesses, known collectively as Hydra Lenders, cheated more than 600,000 customers, charging illegally high interest rates or taking money from people who had never received loans.

Prosecutors said his businesses promised short-term loans to help borrowers until their next paycheck, but that the businesses used deceptive loan terms and charged interest rates as high as 700 percent.

Read more: Kansas City Star

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