Prosecutors: Former credit union director embezzled more than $500k

Prosecutors say that a former director of a credit union in North Philadelphia stole more than $500,000 from the credit union, which contributed to its collapse.

Miqueas Santana was charged with money laundering and embezzlement on Thursday, according to U.S. Attorney Zane David Memeger.

Santana allegedly siphoned more than $528,000 from the Borinquen Federal Credit Union between 2009 and 2011. The credit union collapsed two years ago after authorities discovered widespread fraud.

Manager Ignacio Morales has admitted to laundering fake IRS refund checks, stealing from the credit union and trying to set up cocaine deals. Last month, Morales was sentenced to more than seven years in prison. Click here to read the full story.