From the Daily News:
Queens Congressman Gregory Meeks made no payments for three years on a secret $40,000 personal loan - and repaid the cash only when the FBI started asking questions, the Daily News has learned.
Meeks received a check for $40,000 from Queens businessman Ed Ahmad in January 2007 to finish paying off his new $830,000 home, two sources familiar with the matter said.
There was no discussion about interest rates, due dates or collateral requirements for the loan, the sources said, and Meeks did not report it on his 2007 and 2008 financial disclosure forms.
The congressman made no payments on the loan until early last month, a few weeks after the FBI questioned Ahmad about the check, the sources said.
That's when Meeks sent Ahmad a check for $59,000, having tacked on an annual interest rate of about 12.5%, the sources said.
In an interview, Meeks admitted he could not find documents to back up the loan. He also did not respond to a News request for copies of cancelled checks.