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

Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptible An old Main Line investment banker whom made a profession of flouting state regulations and preying on cash-strapped people to build one of several country's payday-lending empires that are largest ended up being sentenced Friday to 14 years in federal prison and stripped greater than $64 million in assets. But Charles M. Hallinan, 77, of Villanova, stayed unrepentant when confronted with a jail term that their lawyers said may as well be a "death phrase" offered his age and quickly decreasing wellness. Hallinan said absolutely absolutely nothing whenever provided the possiblity to address U.S. District Judge Eduardo Robreno before their punishment had been imposed. In interviews with probation officers before Friday's hearing in Philadelphia, he stated he had been "exactly the exact opposite" of contrite. Maybe which was to be anticipated from a person whose colleagues dubbed him "the godfather of payday financing." nonetheless it just cemented the judge's choice to remove Hallinan of their vast holdings that are financial freedom through the last many years of their life. " It could be a miscarriage of justice to impose a phrase that will perhaps maybe not mirror the severity of the instance," Robreno stated. "The phrase right right right here should send a message that unlawful conduct like this will likely 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 regarding the legality of several for the company techniques which have turned the payday-lending industry into a multibillion-dollar-a-year juggernaut that is financial. Day get the news you need to start your Hallinan pioneered a lot of those techniques so that you can evade state efforts that are regulatory and taught most of the industry's other top lenders steps to make millions by illegally providing low-dollar, high-interest loans to economically hopeless borrowers with restricted access to more conventional credit lines.
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