PHILADELPHIA – A former director of Borinquen FCU was indicted today on charges he intentionally overdrafted his accounts by more than $500,000 to purchase local real estate, contributing to the 2011 failure of the $7 million community development credit union.

According to the indictment, Miqueas Santana, 43, was allowed to overdraft his accounts by the credit union’s manager, Ignazio “Nacho” Morales, who was sentenced to 90 months in federal prison in January for embezzling $2.3 million from the CDCU.

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