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Charles hallinan cash loan a principal this is certainly Line that is former banker to as Godfather of payday lending

Charles hallinan cash loan a principal this is certainly Line that is former banker to as Godfather of payday lending

A past Main Line investment banker described as Godfather of payday lendingfor preying on low-income borrowers wound up being sentenced Friday to 14 years in federal prison and stripped of over $64 million in assets, reports philly.com.

In this industry, to create a guide that is big you’ll want to run afoul regarding the regulators-Charles M. Hallinan

Lawyers for 77-year-old Charles M. Hallinan argued that the jail term may as well be looked at a death sentenceoffered their age and decreasing health, but District Judge Eduardo Robreno supplied no quarter as he rendered their verdict carrying out a jury convicted him of 17 counts, including racketeering, global money laundering and fraudulence.

It’s a miscarriage of justice to impose a expression which will perhaps not reflect the severity of the example,Robreno claimed. The expression here should deliver a message that illegal conduct like this tends to perhaps not spend.

In almost every, federal federal government lawyers estimate, Hallinans plenty of businesses made $492 million off an approximated 1.4 million borrowers that are low-income 2007 and 2013, the full time contained in the indictment.