Charles hallinan payday advances. “In this industry, to construct a book that is big you must run afoul of this regulators”

A previous Main Line investment banker known as the “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 create a book that is big you need to 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 described as a “death sentence” offered their age and declining wellness, nonetheless District Judge Eduardo Robreno provided no quarter him of 17 counts, including racketeering, international money laundering and fraud as he rendered his verdict after a jury convicted. Continue Reading