Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Manager of defunct CU charged with fraud
NORTH  PHILADELPHIA, Pa. (8/9/12)--Federal prosecutors Tuesday charged the former manager of now-defunct Borinquen FCU (BFCU) in North Philadelphia, Pa., with conspiracy to defraud the government.

Ignacio "Nacho" Morales, 40, also was charged with embezzling more than $2.3 million from the credit union, which led to its closure (bizjournals.com and The Philadelphia Inquirer Aug. 7).

Morales allegedly used the money in attempts to purchase cocaine and real estate, federal authorities said.

BFCU served low-income Hispanics in North Philadelphia. The National Credit Union Administration assumed control over the credit union in June 2011, but shuttered it within two weeks and liquidated its assets, the Inquirer said.

Chartered in 1974, BFCU had assets of  roughly $6 million and served 8,600 members.

In addition to the conspiracy to defraud the government embezzlement charges, Morales also is accused of making false reports on federal credit institution entries, filing false income tax returns, engaging in monetary transactions in property derived from specified unlawful activity, and attempted possession with intent to distribute more than five kilograms of cocaine.


RSS





print
News Now LiveWire
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
13 minutes ago
#creditunions, members share #databreach stories with media http://t.co/hGsnpkov8R
26 minutes ago
.@CUCB #Creditunion #CherryBlossom Run registration transfer period is 2/1 - 2/28. Read more here: http://t.co/wup6XPWtcC 2of2
1 hour ago
.@CUCB CU Cherry Blossom Run organizers say accepted runners who can't race can transfer registratrion to runners who didn't get in. 1of2
1 hour ago
Jobless claims drop to lowest level since 2000 http://t.co/ywyVpWJT1x @USDOL #unemployment #workforce #labor
2 hours ago