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Former Bank Manager Charged in Scheme That Closed Local Federal Credit Union
U.S. Attorney’s Office August 07, 2012
Eastern District of Pennsylvania(215) 861-8200
PHILADELPHIA—Ignacio Morales, a/k/a “Nacho,” 40, was charged today by information with conspiracy to defraud the government in a case that led to the closure of the Borinquen Federal Credit Union (BFCU), announced United States Attorney Zane David Memeger. According to the information, Morales used his position as the bank’s Manager to misuse and embezzle more than $2.3 million of BFCU funds through a variety of schemes, and, between 2006 and June 2011, Morales further enriched himself by cashing fraudulent U.S. tax refund checks through BFCU, keeping 20 percent of the check for himself.
BFCU was a federal credit union in Philadelphia.
Between 2008 and 2009, Morales allegedly embezzled $600,000 from BFCU to purchase real estate, and, during the period of September through December 2009, he allegedly took $560,000 from BFCU to attempt to purchase 15 kilograms of cocaine.
It is alleged that in September 2008, he failed to deposit $700,000 into an account of a BFCU member and instead used the money for his own purposes. It is further alleged that Morales intentionally altered bank records and other reports provided to the National Credit Union Association and their auditors in order to conceal his misuse of BFCU funds. In June 2011, the National Credit Union Association took over the operation of the BFCU but within two weeks closed the credit union and liquidated its assets.
In addition to the conspiracy to defraud the government with respect to claims, Morales is charged with misapplication and embezzlement, false reports on federal credit institution entries, engaging in monetary transaction in property derived from specified unlawful activity, filing false federal income tax returns, and attempted possession with intent to distribute more than five kilograms of cocaine.
If convicted of all charges, Morales faces a maximum sentence of life imprisonment with a mandatory minimum sentence of 10 years, a mandatory minimum of five years’ supervised release, a fine of up to $12.55 million, and a special assessment of $800.
This case was investigated by the United States Postal Inspection Service, the Internal Revenue Service, and the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Arlene D. Fisk.
An indictment or an information is an accusation. A defendant is presumed innocent unless and until proven guilty.
The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time.
Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.