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

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5 p.m.

The head of a payday lending enterprise accused of charging as much as 700 percent interest on short-term loans is free on $500,000 bail.

Prosecutors say 75-year-old Villanova resident Charles M. Hallinan led a group that preyed on customers as they took in revenues of nearly $700 million from 2008 to 2013.

A federal racketeering indictment unsealed Thursday says he operated businesses that included Easy 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 court hearing Thursday.

Authorities say 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's lawyer declined comment. Neff's lawyer, Dennis Cogan, vows to vindicate his client at trial.

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11 a.m.

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

Prosecutors say 75-year-old Villanova resident Charles M. Hallinan led a group that preyed on customers as they took in revenues of nearly $700 million from 2008 to 2013.

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

Authorities say the group 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 say he surrendered to authorities Thursday, but they otherwise declined to comment. A court hearing is expected Thursday afternoon.