Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptible

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 profession of flouting state legislation and preying on cash-strapped visitors to build one of many country’s biggest payday-lending empires ended up being 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 prison term that their solicitors said may as well be a “death phrase” provided their age and health that is rapidly declining. Continue reading “Principal Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on economically susceptible”