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Thread: "Godfather Of Payday Lending" Stripped Of $64 Million, Sentenced To 14 Years

  1. #1

    "Godfather Of Payday Lending" Stripped Of $64 Million, Sentenced To 14 Years

    https://www.zerohedge.com/news/2018-...enced-14-years

    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, reports philly.com.



    Lawyers for 77-year-old Charles M. Hallinan argued that the prison term might as well be a "death sentence" given his age and declining health, however District Judge Eduardo Robreno gave no quarter as he rendered his verdict after a jury convicted him of 17 counts, including racketeering, international money laundering and fraud.

    “It would be a miscarriage of justice to impose a sentence that would not reflect the seriousness of this case,” Robreno said. “The sentence here should send a message that criminal conduct like [this] will not pay.”

    In all, government lawyers estimate, Hallinan’s dozens of companies made $492 million off an estimated 1.4 million low-income borrowers between 2007 and 2013, the period covered by the indictment.

    Robreno’s forfeiture order will strip Hallinan of many of the fruits of that business, including his $1.8 million Villanova mansion, multiple bank accounts, and a small fleet of luxury cars, including a $142,000 2014 Bentley Flying Spur. In addition, the judge ordered Hallinan to pay a separate $2.5 million fine. -philly.com



    ...
    Full article on link.

    ---

    Its sad when I see more Payday Loan stores pop up than any other type of business. I also suppose Zippy will be along shortly to tell us charging interest for loaning money is "honest", as usual.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.



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  3. #2
    Quote Originally Posted by DamianTV View Post
    Its sad when I see more Payday Loan stores pop up than any other type of business. I also suppose Zippy will be along shortly to tell us charging interest for loaning money is "honest", as usual.
    You think charging interest for loaning money is dishonest?

  4. #3
    Did he hold a gun to anyone's head? Did they enter into the contract voluntarily?

  5. #4
    Quote Originally Posted by phill4paul View Post
    Did he hold a gun to anyone's head? Did they enter into the contract voluntarily?
    and he used his own assets to fund the loans, he didn't have to print it, counterfeit it, or steal it.
    Last edited by specsaregood; 07-10-2018 at 07:19 PM.

  6. #5
    He’s 77 years old. At this point does he really care?
    "Nobody wins in a Dairy Challenge" ~ Kenny Rogers


    "When a man who is honestly mistaken hears the truth, he will either quit being mistaken, or cease to be honest." ~ anonymous


    “The fate of all mankind I see
    Is in the hands of fools” ~ King Crimson

  7. #6
    WOULD we need these "products" if we had sound money?

    why I should worship the state (who apparently is the only party that can possess guns without question).
    The state's only purpose is to kill and control. Why do you worship it? - Sola_Fide

    Baptiste said.
    At which point will Americans realize that creating an unaccountable institution that is able to pass its liability on to tax-payers is immoral and attracts sociopaths?

  8. #7
    Quote Originally Posted by phill4paul View Post
    Did he hold a gun to anyone's head? Did they enter into the contract voluntarily?
    I guess I would need to know more about what they are calling Fraud , International money laundering and racketeering .
    Do something Danke

  9. #8
    Quote Originally Posted by DamianTV View Post
    https://www.zerohedge.com/news/2018-...enced-14-years



    Full article on link.

    ---

    Its sad when I see more Payday Loan stores pop up than any other type of business. I also suppose Zippy will be along shortly to tell us charging interest for loaning money is "honest", as usual.
    What if this guy is Zip ?
    Do something Danke



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  11. #9
    It doesn't even matter whether this type of lending is honest.

    First, they convicted him of racketeering when he was engaged in legal activity. No part of the article outlines how what he was doing was actually against the law. There were several states that passed laws with rate caps, so he switched his model to the internet, and also formed partnerships with groups like Indian tribes that enjoyed a loophole in those rate caps.
    His crime was being smarter than the government, and getting around their bull$#@! laws. Well guess what, everyone, you can't run a lemonade stand or feed the homeless in this country without figuring out a way around their bull$#@! laws. All that makes him is someone who knows what it takes to do business in this dystopian country.

    Second, not one single red cent of that money is going to the supposed "victims" of this man, so the government agents can take their virtue signalling and shove it up their asses.
    There are no crimes against people.
    There are only crimes against the state.
    And the state will never, ever choose to hold accountable its agents, because a thing can not commit a crime against itself.

  12. #10
    Quote Originally Posted by DamianTV View Post
    https://www.zerohedge.com/news/2018-...enced-14-years



    Full article on link.

    ---

    Its sad when I see more Payday Loan stores pop up than any other type of business. I also suppose Zippy will be along shortly to tell us charging interest for loaning money is "honest", as usual.
    Since when is charging interest for borrowing money dishonest? All borrowing comes with interest. And payday loans have high interest because they're high risk and relatively easy to get. (much like credit cards) I'm cynical as hell too, but this is one of those businesses that isn't too bad and fills a market demand.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  13. #11
    Quote Originally Posted by DamianTV View Post
    https://www.zerohedge.com/news/2018-...enced-14-years



    Full article on link.

    ---

    Its sad when I see more Payday Loan stores pop up than any other type of business. I also suppose Zippy will be along shortly to tell us charging interest for loaning money is "honest", as usual.
    Zippy only defends the fed.. ya this guy was preying off of the poverty that is created by the fed, but he used his own money and lent it to people who really needed it. Maybe they had an important bill to pay along with a traffic fine and it kept their power on that month and out of jail. Unfortunately a lot of people like that can't pay back the loans, which is why high interest is charged.

    It sounds like he was convicted of more than just pay day lending, but the other 'crimes' are typically done to avoid taxes or launder drug money, which aren't really crimes either.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  14. #12
    Quote Originally Posted by fisharmor View Post
    It doesn't even matter whether this type of lending is honest.

    First, they convicted him of racketeering when he was engaged in legal activity. No part of the article outlines how what he was doing was actually against the law. There were several states that passed laws with rate caps, so he switched his model to the internet, and also formed partnerships with groups like Indian tribes that enjoyed a loophole in those rate caps.
    His crime was being smarter than the government, and getting around their bull$#@! laws. Well guess what, everyone, you can't run a lemonade stand or feed the homeless in this country without figuring out a way around their bull$#@! laws. All that makes him is someone who knows what it takes to do business in this dystopian country.

    Second, not one single red cent of that money is going to the supposed "victims" of this man, so the government agents can take their virtue signalling and shove it up their asses.
    +rep
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  15. #13
    Quote Originally Posted by jkr View Post
    WOULD we need these "products" if we had sound money?
    Well ya people would still need short term loans from time to time, but certainly not at the current rates.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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