Niche, specialized restaurants are all the rage right now. With shops dedicated to cupcakes, bone broth, corn dogs, cinnamon rolls, and, yes, even rice pudding, popping up and thriving in major cities all over. There is a unique appeal when a place does one thing spectacularly, and it’s this idea that supposedly lead Peter Moceo Jr. to open Rice to Riches in 2003. According to the Rice to Riches website, Moceo Jr. — who the site does not name and only refers to as “the man who brought Rice to Riches to life” — was inspired by the gelaterias that are popular in Italy as well as his passionate love of rice pudding. The first Rice to Riches was born. Then, two years later, Moceo was arrested for running one of the largest illegal sports betting rings in New York city history — and that’s really saying something.
The obvious crime connections, insane rent prices in the restaurant’s Manhattan neighborhood, and the incredibly niche and bizarre nature of running a business that only sells rice pudding has led to some pretty convincing but technically unfounded rumors that the store is an alleged money laundering front. It’s not hard to make the connection there, and the New York Post reported just one day after Moceo’s arrest in 2005 that $27,000 in cash and gambling records were confiscated from the rice pudding shop. The reviews for Rice to Riches are overwhelmingly positive, with users on TikTok, Reddit, and Instagram absolutely raving about the rice pudding. One reviewer on the store’s Google reviews described it as, “Rice pudding like I’ve never experienced before.” This place clearly has a loyal fan base, alleged money laundering or not.
Is there any truth to this rumor?
First things first, there has been no legitimate evidence that Rice to Riches is a money laundering front. The rumor is just that: a rumor. And honestly, it’s one of the least bizarre things about this place. If you’ve looked up the space online or have seen any TikTok reviews, you’ll notice the peculiar, futuristic decor that screams early aughts. The entire place is plastered in jokey signs that range from fatphobia and casual racism to just plain odd and unrelated to the setting. It’s an early-2000s time capsule right down to the outdated puns and quips lining the walls and hanging from the ceiling. Despite all of this, people swear by the delicious rice pudding, and the place seems to maintain a decent flow of business.
Speculation about Rice to Riches possibly being a money laundering front is frequently supported by the notoriously high rent in the Nolita neighborhood that it calls home. It begs the question, what are the profit margins on rice pudding? The money laundering rumor seems to have gained more traction online post-COVID 19 when TikTok user Pigeon Post shared a video pointing out the above facts. In all honesty, the allegations probably contribute to the continued success of Rice to Riches, if anything. A second Rice to Riches location even opened in the Lower East Side in 2023.
