It all started with a CEO that embezzled $6M for lottery tickets.
$4.1 billion Municipal Credit Union and the NCUA have reached a settlement in a lawsuit against CUMIS Insurance Society after its refusal to pay a $9.8 million insurance claim to cover the losses tied to fraud and corruption charges brought against convicted CEO Kam Wong and others that led to MCU’s conservatorship. Kam allegedly spent more than $6 million on lottery tickets.
Fraud and Corruption Claim Lawsuit Settled Between NCUA, Municipal CU and CUMIS – Lawsuit – NCUA – Credit Union Collections – Fraud
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