Inside Subprime: July 12, 2018
By Lindsay Frankel
Charles Hallinan, referred to as “godfather of payday financing” by colleagues, recently received a 14-year jail phrase for their unlawful loan tasks. A jury that is federal him responsible of 17 fees that included racketeering conspiracy along with other fraudulent company techniques in November.
Throughout their profession, Hallinan operated lots of payday financing organizations that caused monetary problems for thousands and thousands of hopeless borrowers. Along with his jail phrase, U.S. District Judge Eduardo Robreno necessary that Hallinan spend a $2.5 million fine and forfeit their Villanova mansion and luxury automobiles.
Between 2007 and 2013, Hallinan’s organizations took advantageous asset of a calculated 1.4 million financially-strapped people, raking in $492 million in unlawful commercial collection agency. Continue reading “Pennsylvania’s “Godfather of Payday Lending” Sentenced to 14 Years in jail”