The previous CEO of New York’s oldest credit score union pleaded responsible to embezzling tens of millions of dollars in funds on Monday — admitting to utilizing the corporate’s dime to purchase a Mercedes Benz, lease luxurious vehicles and keep in high-end inns, prosecutors stated.


Kam Wong, 62, former CEO of the Municipal Credit score Union, pleaded responsible to 1 depend of embezzlement from a federally insured credit score union in Manhattan federal courtroom on Monday, the U.S. lawyer’s workplace introduced. He faces a most of 30 years in jail.


He bilked the non-profit out of tens of millions of dollars from 2013 to 2018 by getting paid for long-term incapacity insurance coverage that he by no means obtained, in keeping with the U.S. lawyer’s workplace.


Wong, who earned greater than $600,000 a 12 months and lives in Lengthy Island, additionally admitted to illegally utilizing firm cash to purchase a Mercedes and lease luxurious vehicles, prosecutors stated. As well as, he illegally wrote off stays in luxurious inns as enterprise bills.


He additionally allegedly used the the credit score union as a money machine by submitting phony invoices for dental work that he by no means obtained or paid for, prosecutors stated. Wong obtained lots of of 1000’s of dollars from the union for the supposed dental work in the identical five-year interval.


U.S. Lawyer Geoffrey S. Berman stated in an announcement that Wong, “abused his place of belief as a guardian of municipal, state, and federal employees’ monetary accounts to counterpoint himself.”


Wong declined to touch upon Monday night time.




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