Wednesday, November 21, 2018

Former CEO of Municipal CU Pleads Guilty to Embezzlement

Kam Wong, the former chief executive officer (CEO) and president of Municipal Credit Union (New York, NY), pled guilty in Manhattan federal court on November 19 to embezzling millions of dollars from the credit union.

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

Wong pled guilty to one count of embezzlement from a federally insured credit union, which carries a maximum penalty of 30 years in prison.

In addition, as a condition of his plea, Wong also agreed to forfeit at least $9,890,375 and to pay at least $9,890,375 in restitution to the credit union.

Kam Wong is scheduled to be sentenced by Judge Koeltl on April 5, 2019, at 10:00 a.m.

Read the press release.

Posted by at
Labels:

1 comment:

  1. AnonymousNovember 25, 2018 at 10:46 AM

    Absence of oversight.
    Where was the board, at conference junkets?
    Where was the state of NY supervisor?
    Where was NCUA?
    Where was the auditor?

    ReplyDelete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.