The Latest: Charged seven hundred % interest lenders post bail

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Source:   —  April 08, 2016, at 1:24 AM

m. The head of a payday lending undertaking accused of charging as much as seven hundred % interest on short-term loans is free on $500.000 bail.

The Latest on Payday Lending Indictment (all times local):

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five p. m.

The head of a payday lending undertaking accused of charging as much as seven hundred % interest on short-term loans is free on $500.000 bail.

Prosecutors declare 75-year-old Villanova resident Charles M. Hallinan led a grouping that preyed on customers as they took in revenues of nearly $seven hundred million from two thousand eight to 2013.

A federal racketeering indictment unsealed Thursday says he operated businesses that included Simple Cash, My Payday Advance and Instant Cash USA.

Co-defendant Wheeler K. Neff of Wilmington, Delaware, has been released on $250.000 bail. Both he and Hallinan entered not guilty pleas at a Ct hearing Thursday.

Authorities declare they tried to evade state consumer protection laws by looping in a Native American tribe as the supposed lender so it could claim tribal immunity from state regulations.

Hallinan'south lawyer declined comment. Neff'south lawyer, Dennis Cogan, vows to vindicate his client at trial.

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eleven a. m.

The head of a payday lending undertaking accused of charging as much as 700 % interest on short-term loans has been indicted on federal racketeering charges in Philadelphia.

Prosecutors declare 75-year-old Villanova resident Charles M. Hallinan led a grouping that preyed on customers as they took in revenues of nearly $700 million from two thousand eight to 2013.

The indictment unsealed Thursday says Hallinan operated below names that included Simple Cash, My Payday Advance and Instant Cash USA.

Authorities declare the grouping tried to evade state consumer protection laws by looping in a Native American tribe as the supposed lender so it could claim tribal immunity from state regulations.

Lawyers for Hallinan declare he surrendered to authorities Thursday, but they otherwise declined to comment. A Ct hearing is expected Thursday afternoon.

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