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Financial Fraud

Financial Fraud

‘Godfather of Payday Lending’ Victimized Borrowers Nationwide

A 77-year-old previous landfill owner and investment banker from Pennsylvania whom developed a surefire option to make money—by illegally charging you high rates of interest on loans designed to people who could minimum manage them—will probably spend the remaining of their life in jail.

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