Chicago Loan Co. Owners Misused Investor Cash: Suit

Law360, New York (August 19, 2011, 6:32 PM EDT) -- Shareholders sued the owners of a Chicago lending business on Wednesday, alleging they used investments for personal expenses, including Cubs tickets, an ownership stake in an eatery and an $8,000 Las Vegas getaway.

The suit, filed in Cook County Circuit Court, seeks to recover more than $3 million the plaintiffs say they invested in Workforce Investments Inc., interest of 13 percent they claim they were promised and punitive damages of more than $6 million.

“It's a sad commentary on the ethics and morality of people who...
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