A previous Main Line investment banker whom made a vocation of flouting state guidelines and preying on cash-strapped visitors to build one of many country’s biggest payday-lending empires had been 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 when confronted with a jail term that their lawyers said might as well be described as a “death sentence” provided their age and quickly declining wellness.

Hallinan said absolutely nothing when provided the opportunity to deal with U.S. District Judge Eduardo Robreno before his punishment had been imposed. In interviews with probation officers before Friday’s hearing in Philadelphia, he stated he had been “exactly the contrary” of contrite.

Possibly that has been to be anticipated from a person whose colleagues dubbed him “the godfather of payday financing.” Nonetheless it just cemented the judge’s choice to remove Hallinan of their vast economic holdings and freedom through the final several years of their life.

” It could be a miscarriage of justice to impose a phrase that could maybe perhaps not mirror the severity of the situation,” Robreno stated. “The phrase right right right here should deliver a message that unlawful conduct like this will likely not spend.”

Hallinan’s sentence came seven months after having a jury convicted him of 17 counts including racketeering, worldwide cash laundering, and fraud in an instance that cast doubt on the legality of several of this company techniques which have turned the payday-lending industry into a multibillion-dollar-a-year juggernaut that is financial. Read more