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

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

An old Main Line investment banker whom made a vocation of flouting state regulations and preying on cash-strapped individuals to build among the nation’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.

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But Charles M. Hallinan, 77, of Villanova, stayed unrepentant in the face of a jail term that their solicitors said may as well be a “death phrase” offered their age and quickly decreasing wellness.

Hallinan said nothing whenever because of the opportunity to address 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 exact opposite” of contrite.

Possibly that has been to be anticipated from a person whose peers dubbed him “the godfather of payday financing.” But it just cemented the judge’s decision to remove Hallinan of their vast holdings that are financial freedom throughout the last several years of their life.

“It is a miscarriage of justice to impose a phrase that could perhaps not mirror the severity with this instance,” Robreno said. “The phrase right here should deliver a message that unlawful conduct like [this] will likely not spend.”

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