Developer Sent to Prison Over New Mexico Credit Union Fraud
Vincent J. Garcia, an Albuquerque, N.M., real estate developer who was found guilty of defrauding the 55,000-member, $418 million First Financial Credit Union of millions of dollars has been sentenced to spend 27 months in federal prison.
He was also ordered to pay the credit union over $96,000 in restitution for his part in the fraud, which included two other individuals, according to court records.
The development, called Copper Square, was meant to be a restoration of an historic downtown Albuquerque property into commercial condos.
The credit union loaned Garcia and the two others millions for the project that was later not repaid.