David Saks: FORMER BOARD MEMBER CHARGED IN SCHEME THAT CLOSED FEDERAL CREDIT UNION

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

FORMER BOARD MEMBER CHARGED IN SCHEME THAT CLOSED FEDERAL CREDIT UNION

Former Member of Board of Directors Charged in Scheme Contributing to Closure of Local Federal Credit Union

U.S. Attorney’s Office February 22, 2013
  • Eastern District of Pennsylvania (215) 861-8200
 

PHILADELPHIA—Miqueas Santana, 43, was charged today by information with embezzlement and money laundering in a case that contributed to the closure of the Borinquen Federal Credit Union (BFCU), announced United States Attorney Zane David Memeger.

According to the information, between July 2009 and June 2011, Santana, with the permission and approval of the former manager of BFCU, withdrew money from his BFCU bank accounts without depositing sufficient money into the accounts to cover the withdrawals, resulting in deficit account balances in his five personal and business savings and checking accounts of more than $500,000.

Santana used this money to purchase multiple pieces of real estate throughout Philadelphia.

BFCU was a federal credit union in Philadelphia.

In June 2011, the National Credit Union Association took over the operation of the BFCU, but within two weeks, closed the credit union and liquidated its assets.

Its former manager, Ignacio Morales, has previously been convicted of multiple counts relating to embezzlement from BFCU and conspiracy to defraud the government regarding the cashing of fraudulent tax refund checks.

Morales is currently serving a seven-and-a-half-year sentence for his crimes.

If convicted of all charges, Santana faces a maximum sentence of 40 years’ imprisonment, five years’ supervised release, a $1,250,000 fine (or a $1,000,000 fine plus twice the value of the criminally derived property), and a $200 special assessment.

This case was investigated by the United States Postal Inspection Service, the Internal Revenue Service-Criminal Investigations, and the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Arlene D. Fisk.

An indictment or an information is an accusation.

A defendant is presumed innocent unless and until proven guilty

source: FBI




David Saks



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Comment balloon 0 commentsDavid Saks • February 22 2013 02:05PM

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