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

Main 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 guidelines and preying on cash-strapped visitors 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 of 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 might as well be a “death phrase” provided their age and health that is rapidly declining.

Hallinan said absolutely absolutely absolutely nothing whenever because of the opportunity 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 was “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 choice to remove Hallinan of their vast holdings that are financial freedom through the last many years of their life.

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

Hallinan’s phrase came seven months following a jury convicted him of 17 counts including racketeering, international cash laundering, and fraudulence in an incident that cast question in the legality of numerous regarding the business strategies which have turned the payday-lending industry in to a multibillion-dollar-a-year juggernaut that is financial.

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Hallinan pioneered a lot of those techniques in an attempt to evade state efforts that are regulatory and taught lots of the industry’s other top lenders how to make millions by illegally providing low-dollar, high-interest loans to economically hopeless borrowers with restricted access to more conventional personal lines of credit.

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