Manager Charged In Phony LoanScheme

July 28, 2006, 1:00 a.m. EDT 1 Min Read

WILSON, N.C. - (07/28/06) -- The former president of City ofWilson Employees FCU was charged with embezzling more than $14,000form the credit union by taking out loans in other members' nameswithout their knowledge. Elsie Taylor, 51, was president of thecredit union until February 2005. After she left investigatorsdiscovered more than $500,000 in delinquent loans, many by morethan a year, pushing up the credit union's delinquency ratio to20%. Investigators discovered numerous questionable loans but onlycharged Taylor with two of the loans.

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