Payday lending pioneer convicted in U.S. of racketeering scheme. Why can I save yourself for a rainy time?

Payday lending pioneer convicted in U.S. of racketeering scheme. Why can I save yourself for a rainy time?

(Reuters) A Pennsylvania man considered a pioneer into the payday financing industry had been discovered responsible on Monday of participating in a racketeering scheme that aided investment companies that produced $688 million from short term installment loans to thousands and thousands of men and women.

Charles Hallinan, whom prosecutors said owned and operated significantly more than a dozen payday financing organizations, ended up being found accountable with a federal jury in Philadelphia on all counts he encountered. Jurors convicted Hallinan, 76, along side Wheeler Neff, a 69 yr old Delaware attorney who had been likewise discovered responsible on fees racketeering that is including, mail fraudulence and cable fraudulence, prosecutors stated.

Both males are scheduled for sentencing in April and intend to appeal, said Christopher Warren, legal counsel for Neff.

“They both thought all of the time these people were acting in good faith consequently they are bitterly disappointed the jury saw it differently,” Warren said. (more…)

Continue Reading Payday lending pioneer convicted in U.S. of racketeering scheme. Why can I save yourself for a rainy time?