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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 one of several country’s biggest payday-lending empires had been sentenced Friday to 14 years in federal jail and stripped greater than $64 million in assets.

But Charles M. Hallinan, 77, of Villanova, stayed unrepentant when confronted with a jail term that their solicitors said may as well be a “death phrase” offered their age and health that is rapidly declining.

Hallinan said absolutely absolutely nothing whenever offered the possiblity to deal with U.S. District Judge Eduardo Robreno before their punishment had been imposed. In interviews with probation officers before Friday’s hearing in Philadelphia, he stated he was “exactly the exact opposite” of contrite.

Possibly which was to be anticipated from a person whose colleagues dubbed him “the godfather of payday financing.” However it just cemented the judge’s choice to strip Hallinan of their vast holdings that are financial freedom throughout the last many years of their life.

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