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Municipal Credit Union CEO Embezzles Members’ Money, Despite Already Earning a $2 Million Salary

News & Insights

From Bob Hennelly, of The Chief:

The Municipal Credit Union, whose longtime president and CEO has been accused of embezzling millions of dollars that he squandered playing the lottery and indulging a taste for high living, in recent years had been paying corporate-level salaries to other top executives, three of whom earned in excess of $600,000 in salary and bonuses during 2016, this newspaper has learned.

In one sign that Federal prosecutors may be looking to charge other individuals, court papers they filed June 7 indicate they are delaying a formal indictment of the disgraced MCU head, Kam Wong, which could be a sign he is cooperating with the ongoing investigation.

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