A Main that is former Line banker referred to as вЂњGodfather of payday lendingвЂќ 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.
вЂњIn this industry, to create a big guide, you need to run afoul for the regulatorsвЂќ -Charles M. Hallinan
Attorneys for 77-year-old Charles M. Hallinan argued that the jail term may as well be described as a вЂњdeath sentenceвЂќ offered their age and decreasing wellness payday loans Lynn MA, nevertheless District Judge Eduardo Robreno provided no quarter as he rendered his verdict after having a jury convicted him of 17 counts, including racketeering, worldwide cash laundering and fraudulence.
вЂњIt is a miscarriage of justice to impose a phrase that will perhaps perhaps maybe not mirror the severity with this instance,вЂќ Robreno stated. вЂњThe phrase right right here should deliver a message that unlawful conduct like this will perhaps not spend.вЂќ
In most, government attorneys estimate, HallinanвЂ™s lots of businesses made $492 million off a calculated 1.4 million borrowers that are low-income 2007 and 2013, the period included in the indictment.