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Financial Fraud. ‘Godfather of Payday Lending’ Victimized Borrowers Nationwide

Financial Fraud. ‘Godfather of Payday Lending’ Victimized Borrowers Nationwide

A 77-year-old landfill that is former and investment banker from Pennsylvania whom developed a surefire method to make money—by illegally charging you high interest levels on loans meant to those that could minimum manage them—will probably spend the remaining of their life in jail.

Charles Hallinan, dubbed by prosecutors whilst the “godfather of payday lending” because their techniques to circumvent state legislation and conceal their long-running scheme paved just how for other individuals to follow along with in their footsteps, recently received a 14-year prison that is federal for their part in gathering vast sums of bucks in short-term loans with rates of interest that approached 800 percent.

Prosecutors portrayed Hallinan as being a ruthless loan shark whom enriched himself by trapping their victims within an endless period of debt.