A past Main Line investment banker described as Godfather of payday lendingfor preying on low-income borrowers wound up being sentenced Friday to 14 years in federal prison and stripped of over $64 million in assets, reports philly.com.

In this industry, to create a guide that is big you’ll want to run afoul regarding the regulators-Charles M. Hallinan

Lawyers for 77-year-old Charles M. Hallinan argued that the jail term may as well be looked at a death sentenceoffered their age and decreasing health, but District Judge Eduardo Robreno supplied no quarter as he rendered their verdict carrying out a jury convicted him of 17 counts, including racketeering, global money laundering and fraudulence.

It’s a miscarriage of justice to impose a expression which will perhaps not reflect the severity of the example,Robreno claimed. The expression here should deliver a message that illegal conduct like this tends to perhaps not spend.

In almost every, federal federal government lawyers estimate, Hallinans plenty of businesses made $492 million off an approximated 1.4 million borrowers that are low-income 2007 and 2013, the full time contained in the indictment.

Robrenos forfeiture purchase will eliminate Hallinan of various concerning the fruits of the business, including their $1.8 million Villanova mansion, many bank documents, and just a little fleet of luxury cars, including a $142,000 2014 Bentley Flying Spur. In addition, the judge ordered Hallinan to fund a different sort of $2.5 million fine. philly.com

Whenever payday loans that are best Dayton due to the opportunity to deal with the court before their expression wound up being handed down, Hallinan stayed peaceful.

Hallinans situation calls into concern the legality of business practices associated with by predatory financial institutions through the nation such as Mariner Finance, a subsidiary of past Treasury Secretary Tim Geithners equity that is private Warburg Pincus.

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