Month: July 2018

A former Main Line investment banker known as the “Godfather of payday lending” for preying on low-income borrowers was sentenced Friday to 14 years in federal prison and stripped of over $64 million in assets. “The only difference between Mr. Hallinan and other loan sharks is that he doesn’t break the kneecaps of people who don’t pay his debts,…He was charging more interest than the Mafia.” Loans could have an annual rate of as high as 1,825.000%.