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Administrative Order: In the Matter of Ignacio Morales

19-0145-ER
Administrative Order: In the Matter of Ignacio Morales
First Name
Ignacio
Last Name
Morales
Relationship
Former employee
Institution
Borinquen Federal Credit Union
City
Philadelphia
State
Pennsylvania
Year
2019
Docket Number
19-0145-ER

NOTICE OF PROHIBITION

WHEREAS on or about January 24, 2013, Ignacio Morales (“Morales”) was sentenced on the charges of Conspiracy to defraud the government with respect to claims, 18 U.S.C. § 286; Misapplication and Embezzlement, 18 U.S.C. § 657; False reports on federal credit institution entries, 18 U.S.C. § 1006; and Money laundering, 18 U.S.C. § 1957, charges to which he previously pleaded guilty, in the United States District Court for the Eastern District of Pennsylvania, in connection with his employment at Borinquen Federal Credit Union;

WHEREAS violations of 18 U.S.C. §§ 286, 657, 1006, and 1957 are criminal offenses involving dishonesty and breach of trust;               

NOW, THEREFORE, YOU ARE HEREBY NOTIFIED THAT:

  1. Pursuant to 12 U.S.C. § 1785(d)(1)(A) and 12 U.S.C.  § 1829(a)(1)(A), Morales is prohibited from becoming an “institution affiliated party” of any insured depository institution, as defined in 12 U.S.C. § 1786(r); otherwise participating, directly or indirectly, in the conduct of the affairs of any insured depository institution; and owning or controlling, directly or indirectly, any insured depository institution;
  2. Pursuant to 12 U.S.C. § 1785(d)(1)(B) and 12 U.S.C. § 1829(a)(1)(B), no insured depository institution may permit Morales to engage in any conduct or continue in any relationship prohibited in paragraph 1 above;
  3. Pursuant to 12 U.S.C. § 1785(d)(3) and 12 U.S.C. § 1829(b), whoever knowingly violates paragraph 1 or 2 above is subject to a fine of not more than $1 million for each day such prohibition is violated, or imprisonment for not more than five (5) years, or both;
  4. The “Judgment in a Criminal Case” document, Case No. 2:12-cr-00397-RBS, is made a part hereof and is incorporated herein by reference; and

ISSUED this 2nd day of July, 2019.

NATIONAL CREDIT UNION ADMINISTRATION

/S/


Rob F. Robine
Trial Attorney
NCUA Office of General Counsel

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