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Charles hallinan cash advance A previous Main Line investment banker referred to as “Godfather of payday lending

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 book that is big you must run afoul regarding the regulators” -Charles M. Hallinan

Solicitors 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, but District Judge Eduardo Robreno provided no quarter while he rendered their verdict following a jury convicted him of 17 counts, including racketeering, worldwide cash laundering and fraudulence.

“It could be a miscarriage of justice to impose a phrase that will maybe maybe maybe not mirror the severity with this situation,” Robreno said. “The phrase right right here should deliver a message that unlawful conduct like this will likely not spend.”

In most, federal government solicitors estimate, Hallinan’s lots of organizations made $492 million off an approximated 1.4 million low-income borrowers between 2007 and 2013, the time scale included in the indictment.

Robreno’s forfeiture purchase will remove Hallinan of numerous for the fruits of this company, including their $1.8 million Villanova mansion, numerous bank records, and a little fleet of luxury automobiles, including a $142,000 2014 Bentley Flying Spur.

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