By Tony Hanson

PHILADELPHIA (CBS) — A federal judge has issued a bench warrant for a 40-year-old Philadelphia man who allegedly embezzled more than $2 million from a local credit union, causing it to shut down.

Defendant Ignacio Morales, former manager of the Borinquen Federal Credit Union, near 7th and Erie in North Philadelphia, was scheduled to be in court today to plead guilty, but he failed to show up.

Investigators say Morales stole the money to buy drugs to sell, and for other personal expenses.  Borinquen Federal Credit Union served thousands of low-income families in Philadelphia since 1973, until it went out of business last year.
Today, he was due in court to own up to his crimes.

It is my understanding that Mr. Morales has not appeared,” said federal judge R. Barclay Surrick today from the bench.  “I understand he was supposed to appear before pre-trial services this morning, did not appear there.  And he is not here.”

So the judge issued a bench warrant.  Authorities say Morales has some family in Puerto Rico, and TSA has been notified in case he is trying to flee.