Manager Charged In Phony Loan Scheme

July 28, 2006, 2:17 p.m. EDT 1 Min Read

WILSON, N.C. -- The former president of City of Wilson Employees FCU was charged with embezzling more than $14,000 form the credit union by taking out loans in other members' names without their knowledge. Elsie Taylor, 51, was president of the credit union until February 2005. After she left investigators discovered more than $500,000 in delinquent loans, many by more than a year, pushing up the credit union's delinquency ratio to 20%. Investigators discovered numerous questionable loans but only charged Taylor with two of the loans.

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