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Drug Dealer Led Feds To Fraud That Toppled Credit Union

Sunday, October 14, 2012 - 6:09 PM
From Philly.com
When U.S. Postal Service Inspectors tracked a package of cocaine from Puerto Rico to Maldonado's North Philadelphia home in April 2010, they believed they were closing in on a drug dealer.

But they also discovered clues to a fraud that ultimately collapsed Borinquen Federal Credit Union, an established North Philadelphia bank, and led to the arrest of its manager.

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Borinquen Federal Credit Union was placed into NCUA conservatorhip on June 24, 2011. It was liquidated just a couple of weeks later on July 8th which made it look like the credit union had some serious problems.
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Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
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