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Former Municipal CU CEO receives prison sentence for embezzlement

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Former Municipal CU CEO receives prison sentence for embezzlement

U.S. District Judge John Koeltl on June 4 sentenced former Municipal CU CEO Kam Wong to 66 months in prison for defrauding the New York-based credit union out of at least about $9.9 million.

Koeltl also sentenced Wong, who had previously pled guilty to embezzlement, to three years of supervised release. Wong was also ordered to forfeit $9.9 million and to pay restitution in the same amount to the credit union.

Wong got reimbursement from the credit union for hundreds of thousands of dollars of dental work never performed on him or paid by him, according to a news release from the U.S. Department of Justice. Wong also caused the credit union to pay him millions of dollars of payments in lieu of purported long-term disability insurance and for purported taxes owed on these and other employment benefits.

The New York Department of Financial Services recently took possession of the credit union because of what the regulator called unsafe and unsound conditions.