Feds go after former CU CEO’s assets in multimillion-dollar embezzlement case
According to court documents, Kam Wong holds 24 big bank accounts, and owns seven luxury cars and a Brooklyn apartment.
In three years, Kam Wong made $11.1 million and according to newly-released court documents, the long-time executive for one of New York’s largest credit unions, managed most of that money with big banks.
Wong pleaded guilty in November to embezzling nearly $10 million from the $2.8 billion Municipal Credit Union where he was president/CEO from 2007 to June 2018. He joined MCU in 1981 and became its CFO 1988.
Prosecutors filed forfeiture documents in U.S. District Court in Manhattan last week that will allow the federal government to take possession of Wong’s assets to help pay the $9,890,375 he is expected to be ordered to make in restitution during his sentencing hearing in April.
Court documents show the former credit union CEO has 24 accounts with JP Morgan Chase, Citibank, Bank of America, Wells Fargo Advisors, HSBC, and Sterling National Bank.
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