The Credit Union CEO Kam Wong Pleads Guilty To Multi-Million Dollar Embezzlement Scheme

The former CEO of the Credit Union pled guilty in Manhattan federal court to embezzling millions of dollars from the Credit Union. Kam Wong was the CEO of the oldest credit unions in New York credit union and the United States. 

The Credit Union is also the oldest credit union in New York State and one of the oldest and largest in the country. In addition, it has more than 425,000 members in New York City.  

United States Attorney Geoffrey S. Berman told the media:

Kam Wong abused his position of trust as a guardian of municipal, state, and federal workers’ financial accounts to enrich himself. Wong stole money from the credit union that could have gone to the credit union’s members. He tried to cover up by making false statements to federal investigators and creating false and misleading documents. 

Wong Admits To Embezzling From The Credit Union

Wong engaged in a long-running multi-faceted embezzlement scheme from 2013 through 2018. The former CEO embezzled money by submitting sham invoices for dental work never performed on him or paid by him. As a result, fraudulently obtained reimbursement for hundreds of thousands of dollars of such nonexistent dental work. 

Wong also received millions of dollars of payments for purported long-term disability insurance that he was not entitled to.

Wong also misapplied money and other things of value from the financial institution. He also received reimbursement payments for repairs to luxury vehicles he leased from the financial institution. However, the Credit Union’s insurance already covered by the repairs. He also took cash advances to which he was not entitled. This included housing and living expenses for two of Wong’s friend’s relatives.

Wong also purchased a Mercedes-Benz automobile with the financial institution’s funds that were not provided for under his employment contract. He also purchased electronic devices (including, iPhones, iPads, and laptops) for personal use. In addition, Wong obtained illegal drugs from a former Credit Union Supervisory Committee member.

In January 2018, after WONG learned about the investigation, WONG sought to obstruct justice by making false statements to federal investigators and creating false and misleading documents to try, after the fact, to explain and justify some of these payments.