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Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptible

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Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptible

A previous Main Line investment banker who made a profession of flouting state guidelines and preying on cash-strapped visitors to build one of several country’s biggest payday-lending empires ended up being sentenced Friday to 14 years in federal jail and stripped greater than $64 million in assets.

But Charles M. Hallinan, 77, of Villanova, remained unrepentant when confronted with a jail term that their solicitors said may as well be a “death phrase” provided their age and quickly decreasing wellness.

Hallinan said nothing whenever because of the possiblity to deal with U.S. District Judge Eduardo Robreno before his punishment ended up being imposed. In interviews with probation officers before Friday’s hearing in best installment loans Philadelphia, he stated he had been “exactly the alternative” of contrite.