A FAIRHILL MAN admitted in federal court on Tuesday to embezzling $2.3 million between June 2006 and June 2011 from a now-defunct federal credit union that served low-income Hispanics in North Philadelphia.
Ignacio Morales, 49, also pleaded guilty to cashing bogus tax-refund checks, making false reports and filing false tax returns.
U.S. District Judge R. Barclay Surrick set sentencing for Dec. 7.
Assistant U.S. Attorney Arlene Fisk said that Morales, a former manager of Borinquen Federal Credit Union, stole $600,000 in 2008 and 2009 to buy real estate and took $560,000 in an attempt to buy 15 kilos of cocaine. He also failed to deposit $700,000 into a Borinquen account, she said.