The CEO of Alton Bell Community Credit Union and 13 other individuals have been sued for allegedly making loans that were based on false financial statements.
The $2.8 million credit union in Alton, Ill., claims that Ann Lilleberg, CEO of the cooperative, allegedly approved auto loans to 13 individuals despite being provided inappropriate collateral and supposed false financial statements, according to the Madison Record.
In nearly all of the cases, the individuals were approved for financing but allegedly failed to make payments on their vehicles, the publication reported.
The unpaid loans and lines of credit that are allegedly owed to the credit union totally nearly $312,000.
Neither Alton Bell Community Credit Union nor its attorneys were immediately available for comment.
Founded in 1940 to originally serve Illinois Bell Telephone employees from Alton to Cairo, Ill., the credit union serves 558 members.