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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 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.