A previous Main Line investment banker referred to as “Godfather of payday lending” for preying on low-income borrowers had been 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 of this 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 decreasing wellness, nevertheless District Judge Eduardo Robreno offered no quarter him of 17 counts, including racketeering, international money laundering and fraud as he rendered his verdict after a jury convicted.

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

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