NEW YORK–Members of Municipal Credit Union have taken to both Facebook and local media to air their frustrations and opinions following the arrest of former CEO Kam Wang, who has been charged with stealing more than $3 million from the credit union.
As CUToday.info reported here, Wong, was chartged by the U.S. Attorney’s Office for the Southern District of New York with a variety of schemes used to embezzle more than $3.5 million from the credit union and then using the money to purchase lottery tickets.
The arrest, which was widely covered in New York media, and the subsequent announcement by the credit union to its membership has been met with strong words by members.
“Shame on the board of directors and the management team at the Municipal Credit Union,” wrote Jay Gorman in a letter to the Daily News. “Having attended the annual shareholders' meeting last week, and heard the MCU board patting each other on the back, as well as the rousing response from all of us suckers, I mean shareholders, I was greatly surprised to see the article in Tuesday's Daily News indicating Kam Wong…has been charged with fraud and improper actions in regard to funds within MCU's care and trust.
“Wong was not at the shareholders' meeting, and we were told he was on ‘a leave of absence.’ I assumed that it involved a personal matter. Boy, was I wrong,” continued Gorman. “It would have been nice to have known why Wong was on a leave of absence, and I would have been interested to hear from the other MCU board members what they had done to allow such alleged corruption to take place under their watch.
“Shame on all of the MCU board members, but more importantly, shame on me and all of the other MCU shareholders who were not aware of this deceit. I am tempted to run for office at MCU and throw these dubious characters out on the street. Where are honesty, decency, and most importantly transparency hiding in our society? Come out, you are not alone. I and a lot of other people will defend you.”
Member Comments on Facebook
Meanwhile, comments posted on Municipal CU’s website beneath an announcement from the credit union about the arrest, include:
- Very disappointed to hear
- Lottery tickets???
- Did he use mcu money to buy lottery tickets?
- Corruption at its best.
- So wtf is up?
- I want my money now.
- OMG this is my bank...actually the first bank I ever worked for where I started my banking career in 1999 and I know him!
- NEXT YOU SHOULD BE LOOKING AT THE BOARD OF DIRECTORS. Karma is a bitch ain't it Kam
- I got an email saying it was cancelling my card and reissuing a new on May 22
- THAT'S WHY IT WAS SO HARD TO GET A LOAN
- This mother****** stealing millions and y'all can't refund $35 overdraft fees and charging $5 for cards.
- This is crazy! I’m stunned, completely stunned.
- I got an email about this yesterday. I’m definitely checking my accounts
- I got nothing I found out on Facebook...NOT COOL
- God Bless us MCU is very important. It has helped more union members than any other bank.