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Philadelphia News Main Line’s ‘godfather of payday lending’ sentenced to 14 years, stripped of $64M, for preying on financially vulnerable. by Jeremy Roebuck, Updated: high-interest loans to financially desperate borrowers with limited access to more traditional lines of credit. Pennsylvania Payday Loan (PA), Pennsylvania Payday Loans (PA). Lending is regulated by the Consumer Discount Company Act, 7 Pa. Cons. Stat. §§ et seq. The small loan rate is capped at $ per $ in interest per year with a service charge of $ per $ Though payday loans are not legal in the Penn State, you can get an instalment loan. Instalment loans have longer repayment periods and.
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District Judge Eduardo Robreno before his punishment was imposed. In interviews with probation officers before Friday's hearing in Philadelphia, he said he was "exactly the opposite" of contrite. Perhaps that was to be expected from a man whose colleagues dubbed him " the godfather of payday lending. Hallinan's sentence came seven months after a jury convicted him of 17 counts including racketeering, international money laundering, and fraud in a case that cast doubt on the legality of many of the business tactics that have turned the payday-lending industry into a multibillion-dollar-a-year financial juggernaut.
Hallinan pioneered many of those tactics in an effort to evade state regulatory efforts, and taught many of the industry's other top lenders how to make millions by illegally offering low-dollar, high-interest loans to financially desperate borrowers with limited access to more traditional lines of credit. Interest rates on many of the loans he issued greatly exceeded rate caps instituted by the states in which borrowers lived, like Pennsylvania, which imposes a 6 percent annual limit.
In court Friday, Assistant U. Attorney Mark Dubnoff argued that there was little difference between the exorbitant fees charged by money-lending mobsters and the annual interest rates approaching percent that were standard on many of Hallinan's loans. Hallinan and other loan sharks is that he doesn't break the kneecaps of people who don't pay his debts," Dubnoff said. But his lawyer, Edwin Jacobs, was more concerned Friday with a more significant price his client might have to pay — his life.
Citing Hallinan's recent diagnoses of two forms of aggressive cancer, Jacobs pleaded with Robreno to take the unusual step of granting Hallinan house arrest so that he could receive necessary treatment.
Hallinan doesn't survive is not just. Although Robreno made some accommodations for Hallinan's health — including giving him 11 days to get his medical affairs in order before he must report to prison — he refused the defense lawyer's request.
The judge cited the financier's efforts to obstruct the investigation up to and during his trial as well as the prison system's ability to care for ailing inmates. It was far from the harshest sentence imposed on a titan of the payday lending industry in a series of similar cases brought by the Justice Department over the last two years.
Still, it may be one of the most significant. Neff , was sentenced in May to eight years behind bars.