A previous Main Line investment banker referred to as “Godfather of payday lending” for preying on low-income borrowers ended up being sentenced Friday to 14 years in federal jail and stripped of over $64 million in assets, reports philly.com.

“In this industry, to construct a big guide, you must run afoul regarding the regulators” -Charles M. Hallinan

Attorneys for 77-year-old Charles M. Hallinan argued that the jail term may as well be considered a “death sentence” offered their age and decreasing wellness, nonetheless District Judge Eduardo Robreno provided no quarter as he rendered their verdict following a jury convicted him of 17 counts, including racketeering, worldwide cash laundering and fraudulence.

“It will be a miscarriage of justice to impose a phrase that could perhaps perhaps not mirror the severity for this situation,” Robreno stated. “The phrase right right right here should deliver a message that unlawful conduct like [this] will likely not spend.”

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