From Crain’s New York Business:
The chief executive of New York’s Municipal Credit Union, Kam Wong, was charged with fraud and embezzlement by federal prosecutors today after allegedly billing the institution $280,000 for dental work that was never performed.
Wong, 62, also allegedly billed the nonprofit lender for $25,000 worth of car repairs that were covered by insurance, withdrew $8,000 from credit union ATMs for the purpose of “testing” them and billed MCU more than $100,000 to cover the rent, education and living expenses of two interns. He also allegedly pocketed $7.7 million obtained from the credit union for the purpose of buying disability insurance and covering the policy’s taxes.
“Kam Wong allegedly stole money from the credit union’s earnings that were intended to reward the credit union’s members,” U.S. Attorney Geoffrey Berman said in a statement, “not line Wong’s pockets.”
In a criminal complaint, federal agent LaVale Jackson said that even as Wong was allegedly stealing money from his credit union, he also borrowed cash from MCU’s chief financial officer and another party to buy $3.55 million worth of lottery tickets. On some weekends, Jackson wrote, Wong “spent hours at [a convenience store] purchasing and playing lottery tickets.”