Tuesday, May 8, 2018

Municipal CU CEO Charged with Defrauding the Credit Union

The CEO and President of Municipal Credit Union (New York, New York), Kam Wong, was charged in Manhattan federal court with fraud, embezzlement, and aggravated identity theft offenses related to defrauding the credit union in connection with hundreds of thousands of sham expense reimbursements.

From at least 2013 through January 2018, Wong engaged in a long-running multi-faceted scheme to obtain money from the credit union to which he was not entitled, and took steps to conceal what he had done.

CNBC is reporting that Kam Wong is accused of defrauding Municipal Credit Union out of approximately $6 million with a series of scams that included reimbursements for fake dental work and a previously covered long-term disability insurance policy.

It is alleged that at least $3.55 million was spent on New York State Lottery tickets.

Read the press release.

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