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

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

An old Main Line investment banker whom made a vocation of flouting state rules and preying on cash-strapped individuals to build one of many country’s biggest payday-lending empires was sentenced Friday to 14 years in federal jail and stripped of more than $64 million in assets.

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

Hallinan said nothing whenever because of the opportunity to deal with U.S. District Judge Eduardo Robreno before their punishment ended up being 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 guy whose peers dubbed him “the godfather of payday financing.” Nonetheless it just cemented the judge’s decision to remove Hallinan of their vast holdings that are financial freedom through the last many years of their life.

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

Hallinan’s sentence arrived seven months after having a jury convicted him of 17 counts including racketeering, worldwide cash laundering, and fraudulence in an instance that cast question in the legality of numerous for the company techniques which have turned the payday-lending industry as a multibillion-dollar-a-year juggernaut that is financial.

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Hallinan pioneered a lot of those strategies in order to evade state efforts that are regulatory and taught lots of the industry’s other top loan providers how to make millions by illegally providing low-dollar, high-interest loans to financially 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 financially susceptible