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

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

A previous Main Line investment banker whom made a lifetime career of flouting state guidelines and preying on cash-strapped individuals to build among the country’s biggest payday-lending empires 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 described as a “death phrase” provided their age and health that is rapidly declining.

Hallinan said absolutely nothing whenever because of the possiblity to deal with U.S. District Judge Eduardo Robreno before their punishment ended up being imposed. In interviews with probation officers before Friday’s hearing in Philadelphia, he stated he had been “exactly the exact opposite” of contrite.

Maybe that has been to be anticipated from a guy whose peers dubbed him “the godfather of payday financing.” However it just cemented the judge’s choice to remove Hallinan of their vast economic holdings and freedom throughout the last several years of their life. (more…)

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