Former credit union board member charged in business-ending crime

Miqueas Santana, a former member of the board of directors at Borinquen Federal Credit Union (BFCU) in Philadelphia, was charged with his part of an embezzlement scheme that has already put the BFCU's former manager, Ignacio Morales, behind bars for seven and a half years.

The accounts payable audit showed Santana worked with Morales to take half a million dollars in insufficient funds from Santana's five BFCU accounts. Authorities report the cash was used to invest in property throughout the city.

The BFCU collapsed two weeks after the National Credit Union Association (NCUA) intervened in June 2011 following the first wave of investigations. The FBI, IRS and United States Postal Inspection Service were all part of the work to uncover Morales' and Santana's crimes.

According to The Associated Press, the BFCU specifically catered to a poor Hispanic community before its assets were liquidated by the NCUA.  The source reports Morales told authorities he was involved in other illegal activities including dealing cocaine and falsifying IRS refund payments for profit.

Santana could be hit with up to 40 years in prison, fines well over $1 million, and five years supervised release following his decided sentence.

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