Kam Wong pleads guilty to $9.8 million embezzlement
Prosecutors also say the former CEO obtained drugs from supervisory committee member.
Kam Wong pleaded guilty in U.S. District Court in Manhattan Monday to embezzling nearly $10 million from the $2.8 billion Municipal Credit Union where he was president/CEO.
From 2013 through January 2018, the 62-year-old Wong ran a multi-faceted embezzlement scheme and took steps to conceal that he stole $9,890,375, U.S. Attorney Geoffrey S. Berman in New York said. However, what Berman revealed publicly for the first time is that Wong obtained drugs from a former credit union supervisory committee member.
Berman did not reveal the supervisory committee member’s identity. In June, about a month after Wong had been arrested on a criminal complaint, a U.S. District Court judge ordered Wong to undergo drug testing and treatment as part of his $1 million bail secured by his home at Long Island’s Valley Stream.
In exchange for pleading guilty to one count of embezzlement, federal prosecutors dropped three felony charges of bank fraud, wire fraud and aggravated identify theft. Initially, Wong pleaded not guilty to all charges in October.
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