Ignacio Morales, also known as Nacho, was manager at now defunct Borinquen Federal Credit Union in Philadelphia. Federal authorities say Morales used his position as manager at BFCU to misuse funds through various schemes. He faces a maximum sentence of life in prison, with a mandatory minimum sentence of 10 years, if convicted on all charges, the FBI said. The NCUA in June 2011 took over operations at the credit union, but within two weeks it was liquidated. The FBI said Morales intentionally altered bank records and other reports provided to the National Credit Union.”]
Source: https://www.cuinfosecurity.com/fbi-embezzlement-led-to-cu-failure-a-5029