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News Now

CU System
Union president admits taking loan kickbacks
PHILADELPHIA, Pa. (12/3/09)--The president of one of Delaware County, Pa.'s, largest labor unions pleaded guilty to accepting kickbacks for illegal loans while working at a credit union. Anthony Forte, president of United Aerospace Workers Local 1069, was charged with fraud, bribery and conspiracy. He told U.S. District Judge Berle Schiller that he was involved in the scheme while serving as executive vice president of Boeing Helicopters CU, a $107 million asset credit union in Ridley Park, Pa. (The Philadelphia Daily News Nov. 18). Indictments said Forte, his brother and six others made $105,000 in fees on $2.54 million in loans to unqualified loan applicants. The credit union's field of membership included employees working at Boeing and their families. But Forte, who was in charge of signing up select employee groups, allowed nonemployees with credit problems to receive loans. Loan applications listed phony relatives and included inflated income. Cheryl Altieri, president/CEO of the credit union, told News Now that Forte no longer works at the credit union and no other employees were involved in the scam. He will be sentenced early in 2010.


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