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 vocation of flouting state regulations and preying on cash-strapped individuals to build among the nation’s payday-lending empires that are largest ended up being sentenced Friday to 14 years in federal jail and stripped of greater than $64 million in assets.

But Charles M. Hallinan, 77, of Villanova, stayed unrepentant in the face of a jail term that their solicitors said may as well be a “death phrase” offered their age and quickly decreasing wellness. Read more