A previous Main Line investment banker referred to as вЂњGodfather of payday lendingвЂќ for preying on low-income borrowers had been sentenced Friday to 14 years in federal jail and stripped of over $64 million in assets, reports philly.com.
вЂњIn this industry, to create a book that is big you need to run afoul for the regulatorsвЂќ -Charles M. Hallinan
Attorneys for 77-year-old Charles M. Hallinan argued that the jail term may as well be considered a вЂњdeath sentenceвЂќ offered their age and decreasing wellness, nonetheless District Judge Eduardo Robreno gave no quarter while he rendered their verdict following a jury convicted him of 17 counts, including racketeering, worldwide cash laundering and fraudulence.
вЂњIt could be a miscarriage of justice to impose a phrase that could maybe maybe perhaps not mirror the severity of the instance,вЂќ Robreno stated. вЂњThe phrase right here should deliver a message that unlawful conduct like this will maybe not spend.вЂќ
In every, federal government solicitors estimate, HallinanвЂ™s lots of organizations made $492 million off an projected 1.4 million low-income borrowers between 2007 and 2013, the time included in the indictment. Continuar leyendo “Charles hallinan pay day loan a Main that is former Line banker referred to as вЂњGodfather of payday lending”