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
More Stories
The $694 Million Paradox: When Does a Risky Loan Become Too Risky to Make?
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