Financial Fraud

Financial Fraud

‘Godfather of Payday Lending’ Victimized Borrowers Nationwide

A 77-year-old landfill that is former and investment banker from Pennsylvania whom created a surefire method to make money—by illegally charging you high rates of interest on loans meant to people who could least manage them—will probably spend the remaining of their life in jail.

Charles Hallinan, dubbed by prosecutors because the “godfather of payday lending” because their strategies to circumvent state rules and conceal their long-running scheme paved just how for other people to check out 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 rates of interest that approached 800 %.

Prosecutors portrayed Hallinan as being a ruthless loan shark who enriched himself by trapping their victims in an endless period of financial obligation. “Financial Fraud” の続きを読む