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Ignacio Morales, former CEO of the $7 million Borinquen Federal Credit Union, will spend more than seven years in federal prison for embezzling $2.3 million and causing the Philadelphia institution’s 2011 collapse.

Morales was sentenced Thursday by U.S. District Court Judge R. Barclay Surrick in Philadelphia. He also ordered Morales to pay $2.3 million in restitution to the NCUA and to pay restitution to the IRS of $7.3 million.

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Peter Strozniak


Credit Union Times

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