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 among the country’s biggest payday-lending empires 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, remained unrepentant when confronted with a jail term that their solicitors said may as well be a “death phrase” provided their age and quickly decreasing wellness.

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

Possibly which was 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 economic holdings and freedom throughout the last several years of their life.

” It could be a miscarriage of justice to impose a phrase that will maybe maybe maybe not mirror the severity with this situation,” Robreno stated. “The sentence right right here should deliver a message that unlawful conduct like this will likely not spend.”

Hallinan’s phrase arrived seven months after a jury convicted him of 17 counts including racketeering, worldwide cash laundering, and fraud in an incident that cast doubt in the legality of several for the company strategies which have turned the payday-lending industry into a multibillion-dollar-a-year monetary juggernaut. Continue reading “Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptible”