Kam Wong
NEW YORK CITY–The board of the $2.8-billion Municipal Credit Union has voted to begin termination proceedings its former CEO, Kam Wong.
As CUToday.info reported here, Wong has been charged with embezzling more than $3 million from the credit union by the U.S. Attorney’s Office for the Southern District of New York. According to prosecutors, Wong, 62, allegedly used the money to buy New York State lottery tickets.
The U.S. Attorney has charged Wong with embezzling from the credit union by submitting false invoices for dental work and other expenses. Wong allegedly also "obtained numerous other payments from the credit union under suspicious or questionable circumstances" from at least 2013 through January 2018, according to a released statement from U.S. Attorney Geoffrey Berman.
In a statement issued on the same day NCUA announced a prohibition order, against Wong, MCU said its move to terminate follows an internal investigation led by outside counsel.
“While MCU placed Mr. Wong on administrative leave in February, and MCU will fully honor the due process requirements in Mr. Wong’s contract, it looks forward to a swift conclusion of the termination process,” the credit union said. “This is an ongoing investigation and we are unable to comment further at this time.”