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