Main Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on financially susceptible

Main Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on financially susceptible

A previous Main Line investment banker whom made a lifetime career of flouting state guidelines and preying on cash-strapped individuals to build one of many country’s biggest payday-lending empires had been 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 his lawyers said may as well be described as a “death phrase” provided their age and rapidly decreasing wellness.

Hallinan said absolutely nothing whenever offered the possiblity 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 had been “exactly the exact opposite” of contrite.

Perhaps which was to be likely from a person whose peers dubbed him “the godfather of payday lending.” However it just cemented the judge’s choice to remove Hallinan of their vast monetary holdings and freedom throughout the final several years of their life. […]