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

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

An old Main Line investment banker referred to as «godfather of payday financing» had been discovered accountable of racketeering conspiracy fees 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 — whom in an almost two-decade job originated techniques which were commonly used by other payday lenders — on 17 counts which also included fraudulence and worldwide cash laundering.

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