Hallinan joins Wilmington attorney Neff in enabling jail term for cash advance scheme
Charles Hallinan, 77, of Villanova, PA ended up being sentenced to 14 years in federal jail, ended up being ordered to pay for a $2.5 million fine and saw the seizure greater than $65 million in assets associated with a loan scheme that is payday.
The government charged in its superseding indictment in November 2017, a federal jury convicted Hallinan of all 17 counts of criminal conduct.
Hallinan, a previous investment banker, was in 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 in excess of $690 million.
The loans are called вЂњpayday loansвЂќ because borrowers frequently took them down to protect costs after which reimbursed the key, plus charges and interest, using their next paychecks or any other income that is steady such as for instance social protection payments.Hallinan chargedfixed costs and high interest levels far more than the thing that was allowed under statesвЂ™ usury guidelines.