To quote the movie “The Godfather,” “Behind every successful fortune, there is a crime.”
According to the U.S. Department of Justice, Charles Hallinan was dubbed the “Godfather” as he taught others how to defraud those seeking a payday loan by charging fixed fees and high interest rates in excess of what state laws permitted. That allowed this Godfather to net more than $68 million between 2007 and 2013, with his activities from 1997 to 2006 not included in this incredibly high-valued fraud.
Within the web of schemes, Hallinan used straw lenders, which set up fictitious lending arrangements between the customers and legitimate lenders. Hallinan established fake partnerships with a federally insured bank and Native American tribes to aid in his scheme.
This Godfather was sentenced to 168 months in prison. Hallinan, 77, would be 91 when released.