Manhattan, NY – 19 November 2018 – Disgraced former CEO of New York’s biggest federal credit union, Kam Wong, who was arrested in May of 2018 for allegations of more than $9M in fraud and embezzlement that he used for personal and luxury items and reportedly spent more than half of on lottery tickets, pleaded guilty to one count of embezzlement from a federally insured credit union, which carries a maximum penalty of 30 years in prison.
Read More!
More Stories
He Bought Their Identities. Then He Bought the Cars
Catch Me If You Can: Inside the Gingerbread Man Auto-Fraud Enterprise
Same FICO, Different Risk: Geography Emerges in Auto Loan Delinquencies
All Loan and No Cattle
Regulators Clarify What Credit Unions Can Tell Members About Suspicious Activity
$3.3 Million for Credit Union CEO Luxury and Only $1.7 Million for 33 Employees