A previous Main Line investment banker referred to as “godfather of payday financing” had been discovered bad of racketeering conspiracy costs Monday by federal jurors, whoever verdict cast question on the legality of company strategies which have enabled the industry that is multibillion-dollar years.
The panel of nine ladies and three males took significantly less than nine hours to convict Charles M. Hallinan вЂ” whom in an almost two-decade profession originated strategies which have been widely adopted by other payday lenders вЂ” 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. Neff, a person who prosecutors had accused of assisting to develop the defective legal framework Hallinan used to justify his evasion of state laws to rake in millions вЂ” one low-dollar, high-interest-rate loan at a time.
“Mr. Hallinan has were able to evade justice for longer than a decade,” Assistant U.S. Attorney Mark Dubnoff stated in court following the verdict ended up being established. “It is time for [him] to start out having to pay the cost.”