Charles Hallinan, 77, of Villanova, PA had been sentenced to 14 years in federal jail, ended up being bought to cover a $2.5 million fine and saw the seizure greater than $65 million in assets associated with a cash advance scheme.
The government charged in its superseding indictment in November 2017, a federal jury convicted Hallinan of all 17 counts of criminal conduct.
Hallinan, a previous investment banker, was at the payday financing company from at the least 1997 to 2013.
Hallinan owned, operated, and companies that are financed issued small-amount, fixed-fee loans and collected debts on these loans more than $690 million.
The loans are referred to as вЂњpayday loansвЂќ because borrowers frequently took them down to protect costs after which repaid the key, plus costs and interest, using their next paychecks or any other steady income, such as for example social protection payments.Hallinan chargedfixed costs and high interest levels far in excess of that which was allowed under statesвЂ™ usury guidelines.