вЂGodfather 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 interest levels on loans built to people who could minimum manage them—will probably spend the remaining of their life in prison.
Charles Hallinan, dubbed by prosecutors once the “godfather of payday lending” because his strategies to circumvent state guidelines and conceal their long-running scheme paved just how for other individuals to check out inside 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 interest levels that approached 800 %.
Prosecutors portrayed Hallinan being a loan that is ruthless who enriched himself by trapping their victims in a endless period of financial obligation. His scheme had been easy: make tiny loans with fixed charges that borrowers consented to pay off quickly, typically when their payday that is next arrived—hence the name pay day loans. Nastavi čitati “Financial Fraud”