Charles hallinan pay day loan a Main that is former Line banker referred to as “Godfather of payday lending

Charles hallinan pay day loan a Main that is former Line banker referred to as “Godfather of payday lending

A previous Main Line investment banker referred to as “Godfather of payday lending” for preying on low-income borrowers had been sentenced Friday to 14 years in federal jail and stripped of over $64 million in assets, reports philly.com.

“In this industry, to construct a big guide, you need to run afoul for the regulators” -Charles M. Hallinan

Attorneys for 77-year-old Charles M. Hallinan argued that the jail term may as well be described as a “death sentence” offered their age and decreasing wellness, nonetheless District Judge Eduardo Robreno offered no quarter while he rendered their verdict after having a jury convicted him of 17 counts, including racketeering, worldwide cash laundering and fraud.

“It will be a miscarriage of justice to impose a phrase that will perhaps maybe not reflect the severity of the situation,” Robreno stated. Read More