In June 2018, Municipal Credit Union CEO Kam Wong was charged with embezzlement and accused of using members’ money to maintain a lavish lifestyle, despite already earning a $2 million salary. From the Credit Union Times:
Kam Wong pleaded guilty in U.S. District Court in Manhattan Monday to embezzling nearly $10 million from the $2.8 billion Municipal Credit Union where he was president/CEO.
From 2013 through January 2018, the 62-year-old Wong ran a multi-faceted embezzlement scheme and took steps to conceal that he stole $9,890,375, U.S. Attorney Geoffrey S. Berman in New York said. However, what Berman revealed publicly for the first time is that Wong obtained drugs from a former credit union supervisory committee member.
Berman did not reveal the supervisory committee member’s identity. In June, about a month after Wong had been arrested on a criminal complaint, a U.S. District Court judge ordered Wong to undergo drug testing and treatment as part of his $1 million bail secured by his home at Long Island’s Valley Stream.