Category Archives: Payday Loans Installment Loans

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

A previous Main Line investment banker whom made a lifetime career of flouting state legislation and preying on cash-strapped individuals to build among the country’s biggest payday-lending empires ended up being 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 described as a “death phrase” offered their age and quickly decreasing wellness.

Hallinan said nothing whenever offered 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 contrary” of contrite.

Maybe which was to be anticipated from a person whose colleagues dubbed him “the godfather of payday financing.” However it just cemented the judge’s choice to remove Hallinan of his vast holdings that are financial freedom through the last many years of their life. Continue reading