An old Main Line investment banker referred to as « godfather of payday financing » had been discovered bad of racketeering conspiracy fees Monday by federal jurors, whoever verdict cast question regarding the legality of company techniques which have enabled the industry that is multibillion-dollar years.
The panel of nine ladies and three males took lower than nine hours to convict Charles M. Hallinan — whom in an almost two-decade profession originated techniques which have been commonly used by other payday lenders — on 17 counts which also included fraudulence and worldwide cash laundering.
- Principal Line payday loan provider’s fate in fingers of federal jury
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Convicted alongside him ended up being their longtime attorney and co-defendant, Wheeler K. Read more…
