A jury in New York on Wednesday found former NEJC resident Rick Moseley, Sr., guilty on a slate of federal charges stemming from his operation of a payday lending scheme that prosecutors say used predatory practices.
The Consumer Financial Protection Bureau sued Moseley, Sr., his son, Richard Moseley, Jr., and Christopher J. Randazzo in September 2014 in relation to their operation of The Hydra Group, which the CFPB said operated an illegal cash-grab scam that took advantage of unsuspecting consumers. The federal suit alleged that Moseley, Sr., spent some of the ill-gotten proceeds from the operation on country club dues and a vacation house in Mexico. Between 2004 and 2014, federal prosecutors said, Moseley’s businesses made more than 600,000 predatory loans.
After a two-and-a-half week trial, the Manhattan jury found Moseley, Sr., guilty of charges including wire fraud and racketeering. Moseley, who is 73, could face up to 20 years in prison. He has a sentencing hearing set for April 2018.
Moseley’s attorney says they plan to appeal.