Giannoulias report blames Cellini and partners on Springfield hotel

Associated Press

WAND TV, Decatur, IL

Published Monday, May 19, 2008

Watch the newscast

SPRINGFIELD (AP) - Illinois Treasurer Alexi Giannoulias blames a sweetheart deal for letting the politically connected owners of a botched capital city hotel deal capitalize on a multi-million dollar state loan.

An audit Giannoulias released today says Republican power broker William Cellini and his business partners improperly diverted roughly $2 million to use for personal expenses rather than paying back state loans.

Giannoulias said Cellini's corporation tried to hide profits and manipulate revenues to avoid repaying the state. The report says the owners paid $722,000 in legal expenses, bought Christmas presents and gave money to a Cellini-connected association from hotel funds.

Giannoulias says he's forwarded the audit to state and federal prosecutors though the report doesn't accuse Cellini or his partners of criminal wrongdoing.

Cellini's attorney told the Chicago Tribune the group followed the terms of the loan and disputes the allegations.

  
     
 
Back to In the News
 
     

Employ Illinois gives business owners access to capital to start or enhance their businesses with the help of low- interest rate loans.

Opportunity Illinois backs low-interest loans to consumers and community development agencies to improve the quality of life in Illinois.

Cultivate Illinois helps farmers offset the rising cost of farming and encourages green business development.
Money Market and Prime Funds allow local government entities to pool their investments to gain a higher rate of return for their residents.
Online bill paying gives people with busy schedules a quick and convenient way to pay government bills and fees.