27 Sep Charles hallinan cash advance A previous Main Line investment banker referred to as вЂњGodfather of payday lending
A Main that is former Line banker referred to as вЂњGodfather of payday lendingвЂќ for preying on low-income borrowers ended up being sentenced Friday to 14 years in federal jail and stripped of over $64 million in assets, reports philly.com.
вЂњIn this industry, to create a big guide, you need to run afoul of this regulatorsвЂќ -Charles M. Hallinan
Solicitors for 77-year-old Charles M. Hallinan argued that the jail term may as well be considered a вЂњdeath sentenceвЂќ offered their age and decreasing wellness, but District Judge Eduardo Robreno provided no quarter him of 17 counts, including racketeering, international money laundering and fraud as he rendered his verdict after a jury convicted.
вЂњIt will be a miscarriage of justice to impose a phrase that will maybe maybe not mirror the severity with this instance,вЂќ Robreno stated. вЂњThe phrase right right right here should deliver a message that unlawful conduct like [this] will likely not spend.вЂќ
In most, federal federal federal government attorneys estimate, HallinanвЂ™s lots of organizations made $492 million off a projected 1.4 million borrowers that are low-income 2007 and 2013, the time included in the indictment.
RobrenoвЂ™s forfeiture purchase will remove Hallinan of numerous of the fruits of this company, including their $1.8 million Villanova mansion, numerous bank records, and a little fleet of luxury automobiles, including a $142,000 2014 Bentley Flying Spur. In addition, the judge ordered Hallinan to cover a split $2.5 million fine. вЂ“philly.com
When provided the possibility to deal with the court before their phrase ended up being passed down, Hallinan stayed quiet.
HallinanвЂ™s situation calls into concern the legality of company strategies involved in by predatory loan providers throughout the country вЂ“ such as for example Mariner Finance, a subsidiary of previous Treasury Secretary Tim GeithnerвЂs personal equity company Warburg Pincus.