Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptibleskydot
A previous Main Line investment banker whom made a vocation of flouting state regulations and preying on cash-strapped visitors to build one of many country’s payday-lending empires that are largest ended online installment loans up being sentenced Friday to 14 years in federal jail and stripped in excess of $64 million in assets.
But Charles M. Hallinan, 77, of Villanova, stayed unrepentant when confronted with a prison term that their solicitors said may as well be described as a “death phrase” provided their age and quickly decreasing wellness.
Hallinan said absolutely nothing whenever provided the possiblity to deal with U.S. District Judge Eduardo Robreno before his punishment had been imposed. In interviews with probation officers before Friday’s hearing in Philadelphia, he stated he had been “exactly the alternative” of contrite.
Possibly that has been to be likely from a person whose peers dubbed him “the godfather of payday financing.” However it just cemented the judge’s choice to strip Hallinan of their vast economic holdings and freedom through the last many years of their life.
” It could be a miscarriage of justice to impose a sentence that will maybe maybe not mirror the severity with this situation,” Robreno stated. “The sentence right right right here should deliver a message that unlawful conduct like this will maybe not spend.”
Hallinan’s phrase arrived seven months after a jury convicted him of 17 counts including racketeering, worldwide cash laundering, and fraudulence in an incident that cast question in the legality of several of the company techniques which have turned the payday-lending industry in to a multibillion-dollar-a-year juggernaut that is financial. (more…)