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 вЂ” whom in an almost two-decade job originated techniques which were commonly used by other payday lenders вЂ” 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. Neff, a person who prosecutors had accused of assisting to create the defective legal framework Hallinan utilized to justify their evasion of state laws to rake in millions вЂ” one low-dollar, high-interest-rate loan at any given time.
"Mr. Hallinan has were able to evade justice for over a decade," Assistant U.S. Attorney Mark Dubnoff stated in court following the verdict ended up being established. "It really is time for [him] to begin spending the purchase price."
Hallinan, 76, sat stone-faced because the jury forewoman read out loud one "guilty" verdict after another within the Philadelphia courtroom. The multimillionaire Villanova resident and Wharton grad betrayed small emotion on the reality him to prison for the rest of his life and criminal forfeiture proceedings next month that could strip him of property and assets worth millions that he now faces a sentence that could effectively send.