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Federal prosecutors into the Southern District of the latest York alleged that, for longer than 10 years, Richard Moseley Sr. and his company, Hydra Lenders, exploited customers that are financially vulnerable the united states, expanding loans at rates of interest of a lot more than 700per cent.

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The U.S. Court of Appeals for the 2nd Circuit on Tuesday upheld the conviction of the lending that is payday professional sentenced to ten years in jail on federal racketeering costs for operating a $220 million scheme that preyed on significantly more than 620,000 individuals nationwide.

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Tom McParland

Tom McParland of brand new York Law Journal could be contacted at [email protected] Follow him on Twitter @TMcParlandALM.

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