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 method to make money—by illegally charging high rates of interest on loans designed to those that could minimum manage them—will probably 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 rules and hide their long-running scheme paved the way in which for other people to follow along with in the 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 %.

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