A previous Main Line investment 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 construct a big guide, you must run afoul regarding the regulators” -Charles M. Hallinan
Attorneys 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, nonetheless District Judge Eduardo Robreno provided no quarter as he rendered their verdict following a jury convicted him of 17 counts, including racketeering, worldwide cash laundering and fraudulence.
“It will be a miscarriage of justice to impose a phrase that could perhaps online installment IN perhaps not mirror the severity for this situation,” Robreno stated. “The phrase right right right here should deliver a message that unlawful conduct like [this] will likely not spend.”
In every, federal federal federal government attorneys estimate, Hallinan’s lots of businesses made $492 million off a predicted 1.4 million borrowers that are low-income 2007 and 2013, the time scale covered by the indictment.
Robreno’s forfeiture purchase will remove Hallinan of numerous associated with the fruits of the business, including their $1.8 million Villanova mansion, numerous bank reports, and a tiny fleet of luxury vehicles, including a $142,000 2014 Bentley Flying Spur. In addition, the judge ordered Hallinan to cover an independent $2.5 million fine. (more…)