NEW YORK—At its meeting here, the Municipal Credit Union board of directors voted to formally terminate president/CEO Kam Wong.
As CUToday.info reported here, Wong has been charged with embezzling more than $3 million from the credit union by the U.S. Attorney’s Office for the Southern District of New York. According to prosecutors, Wong, 62, allegedly used the money to buy New York State lottery tickets.
The U.S. Attorney has charged Wong with embezzling from the credit union by submitting false invoices for dental work and other expenses. Wong allegedly also "obtained numerous other payments from the credit union under suspicious or questionable circumstances" from at least 2013 through January 2018, according to a released statement from U.S. Attorney Geoffrey Berman.
In a statement issued on the same day NCUA announced a prohibition order against Wong, MCU said its move to terminate follows an internal investigation led by outside counsel.
Wong was officially placed on leave on Feb. 22, 2018, and Norman Kohn has been serving as acting president/CEO since that time. With the United States Attorney’s Office for the Southern District of New York investigations still ongoing, MCU said it would not comment further at this time.