Federal jury discovers Main Line payday loan provider Hallinan responsible of racketeering conspiracy

Federal jury discovers Main Line payday loan provider Hallinan responsible of racketeering conspiracy

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.

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Convicted alongside him ended up being their longtime attorney and co-defendant, Wheeler K. Read more…