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

Январь 21, 2020

An old Main Line investment banker whom made a profession of flouting state legislation and preying on cash-strapped individuals to build one of many country’s payday-lending empires that are largest had been 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 their solicitors said may as well be considered a «death phrase» offered their age and quickly decreasing health.

Hallinan said absolutely absolutely nothing whenever because of 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 contrary» of contrite.

Maybe which was to be anticipated from a guy whose peers dubbed him «the godfather of payday financing.» Nonetheless it just cemented the judge’s choice to strip Hallinan of his vast economic holdings and freedom throughout the last several years of their life.

» It is a miscarriage of justice to impose a phrase that could perhaps not mirror the severity with this situation,» Robreno stated. «The phrase right here should deliver a message that unlawful conduct like this will perhaps not spend.»

Hallinan’s phrase arrived seven months after having a jury convicted him of 17 counts including racketeering, worldwide cash laundering, and fraudulence in an incident that cast question regarding the legality of several of this company strategies which have turned the payday-lending industry as a multibillion-dollar-a-year juggernaut that is financial. (далее…)