News

Payday lender guilty on fraud, racketeering charges

Written by The Associated Press | Nov 27, 2017 3:54 PM
gavel_scale.jpg


(Philadelphia) -- The head of a multimillion-dollar payday lending enterprise has been convicted on federal racketeering conspiracy and fraud charges.

Philly.com reports that 76-year-old Charles Hallinan and his company lawyer were found guilty Monday.

Prosecutors say Hallinan evaded state regulations by using Native American tribes and a bank as fronts so he could charge astronomical interest rates of more than 700 percent on the short-term loans.

Authorities say he preyed on consumers while his businesses took in hundreds of millions of dollars between 2008 and 2013 under names such as Easy Cash, My Payday Advance and Instant Cash USA.
Hallinan's attorney has said his client acted within the law.

He is scheduled to be sentenced in April 2018.

Tagged under , , , , , ,

back to top

Give Now

Estate Planning

Support for WITF is provided by:

Become a WITF sponsor today »

Smart Talk

National Edward R. Murrow Awards

DuPont Columbia Awards

Support Local Journalism

Latest News from NPR

Support for WITF is provided by:

Become a WITF sponsor today »