Charles hallinan cash advance A previous Main Line investment banker referred to as “Godfather of payday lending

Charles hallinan cash advance 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 ended up being sentenced Friday to 14 years in federal jail and stripped of over $64 million in assets, reports philly.com.

“In this industry, to create a big guide, you need to run afoul of this 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, but https://installmentloansgroup.com/installment-loans-il/ District Judge Eduardo Robreno provided no quarter him of 17 counts, including racketeering, international money laundering and fraud as he rendered his verdict after a jury convicted.

“It will be a miscarriage of justice to impose a phrase that will maybe maybe not mirror the severity with this instance,” Robreno stated. “The phrase right right right here should deliver a message that unlawful conduct like [this] will likely not spend.”

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

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

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