Charles Hallinan, 77, of Villanova, PA ended up being sentenced to 14 years in federal jail, had been purchased to cover a $2.5 million fine and saw the seizure of greater than $65 million in assets associated with a loan scheme that is payday.
The government charged in its superseding indictment in November 2017, a federal jury convicted Hallinan of all 17 counts of criminal conduct.
Hallinan, an investment that is former, was at the payday financing company from at the least 1997 to 2013.
Hallinan owned, operated, and financed organizations that issued small-amount, fixed-fee loans and collected debts on these loans more than $690 million.
The loans are referred to as вЂњpayday loansвЂќ because borrowers usually took them away to protect costs after which reimbursed the key, plus charges and interest, along with their next paychecks or other constant earnings, such as social protection payments.Hallinan chargedfixed charges and high interest levels far more than that which was allowed under statesвЂ™ usury laws and regulations. Continue reading