Philadelphia man alleges former Borinquen FCU board members took part in the credit union's collapse.
Ignacio Morales, former CEO of the $7 million Borinquen Federal Credit Union, pleaded guilty Sept. 4 to embezzling $2.3 million and causing the institution’s 2011 collapse. And, according to court documents, a former board member may also be guilty of defrauding the community development credit union.
Defunct Philadelphia credit union's manager pleads guilty, faces Dec. 7 sentencing on charges that include embezzlment, drug dealing.
This online only article accompanies the comprehensive looks at the year gone by in the Dec. 21 Year-in-Review print edition of Credit Union Times.