Categories
check into cash loans payday loans

Financial Fraud

Financial Fraud

‘Godfather of Payday Lending’ Victimized Borrowers Nationwide

A 77-year-old previous landfill owner and investment banker from Pennsylvania whom created a surefire way to make money—by illegally charging you high interest levels on loans designed to people who could least manage them—will likely spend the rest of their life in jail.

Charles Hallinan, dubbed by prosecutors because the “godfather of payday lending” because their strategies to circumvent state laws and conceal their long-running scheme paved the way in which for other people to follow along with inside the footsteps, recently received a 14-year federal jail phrase for their part in gathering vast sums of bucks in short-term loans with interest levels that approached 800 %.

Prosecutors portrayed Hallinan as a ruthless loan shark whom enriched himself by trapping his victims in a endless period of financial obligation.