Borinquen Federal Credit Union

• Former Borinquen FCU CEO Gets At Least Seven Years in Prison

  By Peter Strozniak  |  January 25, 2013

  Cocaine, money laundering convictions net jail time for Ignacio Morales. Former Philadelphia credit union CEO also ordered to re-pay $9.6 million.

• Fraud and Cocaine; Borinquen FCU’s Former CEO Pleads Guilty

  By Heather Anderson  |  September 10, 2012

  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.

• Borinquen FCU Fraud Plot Thickens; Unnamed Board Member Allegedly Stole $500,000

  By Heather Anderson  |  September 5, 2012

  Defunct Philadelphia credit union's manager pleads guilty, faces Dec. 7 sentencing on charges that include embezzlment, drug dealing.

• CU CEO Who Failed to Show for Embezzlement Hearing Found in Jail

  By Heather Anderson  |  August 30, 2012

  Ignacio Morales, former manager of the failed $7 million Borinquen FCU in Philadelphia, had a good reason to not show up in court on embezzlement charges.

• NCUA Hits Borinquen FCU in Philadelphia With Cease and Desist

  By Claude R. Marx  |  June 7, 2011

  Agency orders $7 million CU to take three steps to remedy problems in its operations.