NEW YORK (CBSNewYork) – The CEO and president of the Municipal Credit Union is facing charges of embezzlement and fraud for allegedly funneling millions of dollars into his own credit union account.
The alleged crimes took place from at least 2013 through January of this year.
Prosecutors say Kam Wong would submit sham invoices, including receiving reimbursement for dental work never performed and luxury vehicle repairs already covered by insurance.
He is also accused of withdrawing cash with a credit union business card to “test the ATMs.”
“As alleged, the CEO and president of New York’s oldest credit union abused his position of trust as a guardian of municipal, state, and federal workers’ financial accounts to enrich himself,” U.S. Attorney Geoffrey Berman said. “Kam Wong allegedly stole money from the credit union’s earnings that were intended to reward the credit union’s members, not line Wong’s pockets.”
Wong allegedly spent more than $3.5 million on New York state lottery tickets from his credit union account.
He’s facing three charges that each carry up to 30 years in prison if convicted.
“The charges brought this morning by United States Attorney’s Office for the Southern District of New York against MCU President/CEO Kam Wong are deeply upsetting,” the MCU said in a statement. “MCU was aware of the investigation and has been cooperating with the U.S. Attorney’s office.”