An old Main Line investment banker whom made a profession of flouting state legislation and preying on cash-strapped individuals to build one of several country’s payday-lending empires that are largest 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 absolutely nothing whenever because of the opportunity to deal with U.S. District Judge Eduardo Robreno before their punishment ended up being imposed. In interviews with probation officers before Friday’s hearing in Philadelphia, he stated he had been “exactly the alternative” of contrite.
Possibly that has been to be likely from a guy whose peers dubbed him “the godfather of payday financing.” however it just cemented the judge’s choice to remove Hallinan of their vast holdings that are financial freedom throughout the final many years of their life.
” It could be a miscarriage of justice to impose a phrase that will perhaps maybe maybe maybe not mirror the severity with this instance,” Robreno stated. “The phrase right right here should deliver a message that unlawful conduct like this will likely not spend.”
Hallinan’s phrase came seven months after a jury convicted him of 17 counts including racketeering, international cash laundering, and fraudulence in an incident that cast question in the legality of several of the business techniques which have turned the payday-lending industry in to a multibillion-dollar-a-year juggernaut that is financial. أتمم القراءة…Error, group does not exist! Check your syntax! (ID: 2)