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

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

A previous Main Line investment banker whom made a vocation of flouting state regulations and preying on cash-strapped individuals to build one of several country’s largest 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 jail term that their solicitors said might as well be considered a “death phrase” provided their age and quickly decreasing wellness.

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

Maybe that has been to be anticipated from a guy whose peers dubbed him “the godfather of payday financing.” However it just cemented the judge’s decision to remove Hallinan of their vast holdings that are financial freedom through the final many years of their life. Read More