Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptible

Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptible

A previous Main Line investment banker whom made a lifetime career of flouting state rules and preying on cash-strapped visitors to build one of several country’s payday-lending empires that are largest ended up being sentenced Friday to 14 years in federal jail and stripped greater than $64 million in assets.

But Charles M. Hallinan, 77, of Villanova, stayed unrepentant when confronted with a jail term that his solicitors said may as well be considered a “death phrase” provided their age and health that is rapidly declining.

Hallinan said absolutely absolutely nothing whenever offered the possiblity to deal with U.S. District Judge Eduardo Robreno before their punishment had been imposed. In interviews with probation officers before Friday’s hearing in Philadelphia, he stated he had been “exactly the exact opposite” of contrite.

Maybe that has been to be likely from a person whose peers dubbed him “the godfather of payday financing.” Nonetheless it just cemented the judge’s choice to remove Hallinan of their vast monetary holdings and freedom through the last several years of their life.

” It will be a miscarriage of justice to impose a phrase that will maybe maybe not mirror the seriousness of the instance,” Robreno stated. “The phrase right right here should deliver a message that unlawful conduct like this will likely not pay.”

Hallinan’s phrase arrived seven months following a jury convicted him of 17 counts including racketeering, worldwide cash laundering, and fraudulence in an incident that cast question in the legality of several of the company techniques that have turned the payday-lending industry into a multibillion-dollar-a-year juggernaut that is financial.

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Hallinan pioneered a lot of strategies in order to evade state efforts that are regulatory and taught lots of the industry’s other top loan providers steps to make millions by illegally providing low-dollar, high-interest loans to economically hopeless borrowers with restricted access to more conventional personal lines of credit. Continue reading “Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptible”