Charles hallinan pay day loan A previous Main Line investment banker referred to as “Godfather of payday lending

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

“In this industry, to construct a book that is big you must run afoul for the regulators” -Charles M. Hallinan

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

“It will be a miscarriage of justice to impose a phrase that could perhaps not mirror the severity of this instance,” Robreno stated. “The sentence right here should https://cashnetusaapplynow.com/payday-loans-ga/madison/ deliver a message that unlawful conduct like this will likely not spend.”

In most, federal federal government attorneys estimate, Hallinan’s lots of businesses made $492 million off a calculated 1.4 million low-income borrowers between 2007 and 2013, the time included in the indictment.

Robreno’s forfeiture purchase will remove Hallinan of numerous regarding the fruits of the company, including their $1.8 million Villanova mansion, numerous bank records, and a tiny fleet of luxury vehicles, including a $142,000 2014 Bentley Flying Spur. In addition, the judge ordered Hallinan to pay for a different $2.5 million fine. –philly.com

Whenever offered the possibility to deal with the court before their phrase had been passed, Hallinan stayed quiet.

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