The CEO of Alton Bell Community Credit Union and 13 otherindividuals have been sued for allegedly making loans that werebased on false financial statements.
|The $2.8 million credit union in Alton, Ill., claims that AnnLilleberg, CEO of the cooperative, allegedly approved auto loans to13 individuals despite being provided inappropriate collateral andsupposed false financial statements, according to the Madison Record.
|In nearly all of the cases, the individuals were approved forfinancing but allegedly failed to make payments on their vehicles,the publication reported.
|The unpaid loans and lines of credit that are allegedly owed tothe credit union totally nearly $312,000.
|Neither Alton Bell Community Credit Union nor its attorneys wereimmediately available for comment.
|Founded in 1940 to originally serve Illinois Bell Telephoneemployees from Alton to Cairo, Ill., the credit union serves 558members.
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