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

Thursday, January 23rd, 2020

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 visitors to build one of many nation’s payday-lending empires that are largest had been sentenced Friday to 14 years in federal jail and stripped in excess of $64 million in assets.

But Charles M. Hallinan, 77, of Villanova, stayed unrepentant when confronted with a jail term that their solicitors said may as well be a “death phrase” offered their age and health that is rapidly declining.

Hallinan said absolutely absolutely nothing whenever because of the opportunity 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 contrary” of contrite.

Possibly that has been to be likely 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 monetary holdings and freedom throughout the last several years of their life.

” It will be a miscarriage of justice to impose a phrase that could perhaps perhaps not mirror the severity for this instance,” Robreno stated. “The sentence right here should deliver a message that unlawful conduct like this will perhaps not spend.”

Hallinan’s phrase arrived seven months following a jury convicted him of 17 counts including racketeering, worldwide cash laundering, and fraudulence in an incident that cast question on the legality of numerous of the company techniques which have turned the payday-lending industry into a multibillion-dollar-a-year economic juggernaut. (more…)