The owner of Sunstream Aircraft Inc., which has operated DeKalb-Taylor Airport since January, has been accused of falsely representing his assets to obtain $1.18 million in bank loans.

The Chicago Tribune reported Norman Lively, the owner of Sunstream, was charged with fraud for allegedly claiming to own tens of thousands of shares of blue-chip stocks when he in fact owned only 80.

A spokesman for Gary-Wheaton Bank in Wheaton, Ill., which loaned Lively $200,000, said the bank made the loan based on his representation that he had certain assets. The spokesman said as far as he knows the case should turn on whether Lively owned what he claimed to or not, and the facts show that he did not.

The Tribune reported the charges are that Lively lied to two different banks about his assets. He allegedly told Aurora National Bank in Aurora, Ill. he owned 15,441 shares of International Business Machines stock worth more than $1.7 million in obtaining loans totalling $980,000 in 1982. And he allegedly told Gary-Wheaton Bank he owned the same number of IBM shares and in addition held 10,030 shares of General Motors Corp. stock worth $687,000 and 13,036 shares of Standard Oil stock worth $576,000 when he obtained the loan for $200,000.

The City of DeKalb’s Director of Public Works Ron Mahler said Lively began as fixed base operator (FBO) at DeKalb airport Jan. 1. He said the DeKalb Airport Advisory Board, a body composed of 12 appointed community members, recommended Sunstream to the City Council, which made the final determination for Lively’s company to take over as fixed base operator.

Mahler said the FBO is responsible for managing the airport’s daily needs. He said the company leases the property from the city and under the contract it must provide a minumum level of services including selling fuel, maintenance on aircraft and flight training.

DeKalb City Manager Mark Stevens said Lively’s personal assets and the assets of Sunstream are two different things. He said Sunstream had to demonstrate the financial ability to provide adequate services at the airport, which it did.

Stevens said there were two other applicants for the position, one of which was the FBO who managed the airport prior to Jan. 1. Stevens said the advisory board and the council felt Sunstream was best able to do the job.

Stevens said the city will investigate its options in the event that Lively is convicted, as well as its options if he is acquitted. He said the Airport Advisory Board will meet Wednesday night.