Charles hallinan pay day loan A previous Main Line investment banker referred to as “Godfather of payday lending
A previous Main Line investment banker referred to as “Godfather of payday lending” for preying on low-income borrowers had been sentenced Friday to 14 years in federal jail and stripped of over $64 million in assets, reports philly.com.
“In this industry, to create a big guide, you need to run afoul for the regulators” -Charles M. Hallinan
Attorneys for 77-year-old Charles M. Hallinan argued that the jail term may as well be considered a “death sentence” offered their age and decreasing wellness, nonetheless District Judge Eduardo Robreno provided no quarter him of 17 counts, including racketeering, international money laundering and fraud as he rendered his verdict after a jury convicted.
“It will be a miscarriage of justice to impose a phrase that could perhaps perhaps maybe maybe not mirror the severity with this instance,” Robreno stated. “The phrase right right right here should deliver a message that unlawful conduct like this will maybe not spend.”
In every, federal federal federal federal government solicitors estimate, Hallinan’s lots of organizations made $492 million off an believed 1.4 million borrowers that are low-income 2007 and 2013, the time scale included in the indictment. Continue reading →