Moseley portrayed Hydra Lenders as an offshore corporate entity to evade U.S. regulatory authorities. In reality, Hydra was a U.S.-based domestic firm that falsified its overseas presence in Nevis and New Zealand.
From 2004 to 2014, Hydra offered payday loans online to consumers across the country. Hydra charged interest rates in excess of 700 percent and imposed undisclosed fees on customers’ bank accounts.
Additionally, Hydra routinely withdrew interest payments from borrowers’ accounts without applying payments toward the principal balance. This practice led to an increasingly unfavorable and dire financial state for the majority of customers.
The Long Arm of the Law
For more than a decade, Moseley used his ill-gotten gains to finance a lavish lifestyle. Some of his assets included domestic and international real estate assets, luxury vehicles and exclusive country club memberships.
However, Moseley’s lifestyle has now changed dramatically with his 2017 conviction of Racketeer Influenced Corrupt Organizations (RICO) Act violations, wire fraud charges, aggravated identity theft and Truth in Lending Act violations.
