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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 created a surefire method to make money—by illegally charging you high rates of interest on loans built to those that could minimum manage them—will likely spend the remaining of their life in jail.

Charles Hallinan, dubbed by prosecutors once the “godfather of payday lending” because their techniques to circumvent state rules and conceal their long-running scheme paved just how for other individuals 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 %.