Main Line payday lender's fate in hands of federal jury
A federal jury weighing the racketeering conspiracy case against Main Line payday lending pioneer Charles Hallinan concluded its first full day of deliberations Wednesday without reaching a verdict.
The panel of nine women and three men spent more than five hours cloistered behind closed doors in Philadelphia’s federal courthouse, debating a decision that could label business practices Hallinan originated and spread widely throughout the multibillion-dollar short-term lending industry as violations of federal law. Jurors are expected to resume deliberations next week.
In their final pitch to jurors Tuesday, prosecutors described the 76-year-old Villanova resident and Wharton grad as a loanshark who made millions preying on the financial desperation of low-income borrowers — one low-dollar, high-interest loan at a time.
When states tried to crack down on his industry, Assistant U.S. Attorney Mark Dubnoff said, Hallinan dodged their efforts by paying established banks and American Indian tribes to serve as fronts for his loan companies.
Read more: http://www.philly.com/philly/news/crime/main-line-payday-lenders-fate-now-in-the-hands-of-a-federal-jury-20171122.html
