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