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 visitors to build among the country’s biggest payday-lending empires ended up being 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 prison term that their lawyers said might as well be considered a “death phrase” provided their age and quickly decreasing wellness.

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

Maybe which was to be anticipated from a guy whose peers 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 throughout the last several years of his life. Continue reading “Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptible”