A previous Main Line investment 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 construct a big guide, you need to run afoul of this regulatorsвЂќ -Charles M. Hallinan
Attorneys for 77-year-old Charles M. Hallinan argued that the jail term may as well be a вЂњdeath sentenceвЂќ offered their age and decreasing wellness, but District Judge Eduardo Robreno offered no quarter him of 17 counts, including racketeering, international money laundering and fraud as he rendered his verdict after a jury convicted.
вЂњIt could be a miscarriage of justice to impose a phrase that will perhaps maybe maybe not mirror the severity for 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