Legal Question in Business Law in Illinois

I worked for a company that was Inc. They had a Federal Backed Loan from the USDA. The president was and still is gambling for his personel pleasure using company credit cards with on line gambling. I see all of this because I enter all bills including credit cards. We also had a meeting where he admitted it to all employees. Now people have lost their jobs due to the economy but the president is still gambling with company credit cards. The CFO also knows this is going on. They are not on the open stock market but do have share holders. Last year there were no share holders meeting as well as this year. I feel all of this is illegal but am not sure could you please direct me on this matter.


Asked on 2/11/10, 4:12 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

The shareholders would be able to call a meeting at any time they believe it is necessary. Whether there is anything "illegal" going on here would depend on the terms of the loan agreement.

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Answered on 2/23/10, 7:51 am


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