Charles Hallinan, 77, of Villanova, PA ended up being sentenced to 14 years in federal jail, had been purchased to pay for a $2.5 million fine and saw the seizure greater than $65 million in assets associated with a pay day loan scheme.
In November 2017, a federal jury convicted Hallinan of all of the 17 counts of unlawful conduct the us government charged in its superseding indictment.
Hallinan, a previous investment banker, was at the payday financing company from at the least 1997 to 2013.
Hallinan owned, operated, and financed businesses that issued small-amount, fixed-fee loans and collected debts on these loans more than $690 million.
The loans are referred to as вЂњpayday loansвЂќ because borrowers frequently took them away to protect costs then reimbursed the main, plus costs and interest, using their next paychecks or any other steady earnings, such as for instance social security payments.Hallinan chargedfixed costs and high rates of interest far more than that which was allowed under statesвЂ™ usury regulations. Continue reading